NEW YORK (MarketWatch) — The ruble has fallen to absurd new lows against the U.S. Dollar Monday, snatching the title of ‘2014’s worst-performing currency pair’ from the Ukrainian national currency the hryvnia.

The U.S. Dollar has gained 13% against the ruble USDRUB, +0.50% Monday, bringing its year-to-date gain to 95.20% — higher than the 92.60% it has gained against the hryvnia, the national currency of the Ukraine, in 2014.

Check out the chart below:

rubvsuah

The hryvnia has taken a beating as parts of Eastern Ukraine have abandoned the currency in favor of the Russian ruble, and investors worried about the country’s inability to pay off its debt to Russia.

In March, Crimean Deputy Prime Minister Rustam Temirgaliev told a Russian news organization that the region will abandon the hryvnia and switch to the ruble, according to Zero Hedge.

They may be regretting that decision right about now.

The Ukrainian central bank stopped supporting the hryvnia in November as it tumbled to record lows as the insurgency in the East worsened.

As for the ruble, last week, the Central Bank of Russia hiked its benchmark interest rate by 100 basis points, from 9.5% to 10.5%, in an effort to draw investors to the ruble. The move had little effect.

Now Analysts at Capital Economics say Russia could implement low-level capital controls to compel exporters to switch their foreign-currency denominated earnings to rubles, and to limit the outflow of private capital.

“Taken together, it’s argued these measures will bring two benefits. First, they should reduce demand for foreign currency and thus help to stabilise the ruble,” the analysts wrote Monday in a research note.

“Second, they should help to stem the bleeding of foreign exchange reserves – which have fallen by $95bn this year – and allow the authorities to preserve a financial buffer in the event that economic sanctions on Russia remain in place for a prolonged period,” the Capital Economics analysts added.