LOS ANGELES (MarketWatch) -- Russia's central bank unexpectedly raised its policy interest rate sharply to 7% from 5.5% previously, effective Monday morning. The Bank of Russia's move came as the Russian ruble plunged to record lows following Moscow's intervension in Ukraine, with the U.S. dollar USDRBL hitting an all-time high of 37.00 rubles, and the euro EURRBL setting its own record of 50.99 rubles, according to Dow Jones Newswires. "The decision is meant to avoid emerging risks to inflation and financial stability associated with the recently seen increased volatility on the financial markets," the central bank said in a statement. The central bank described the move as "temporary."