The Russian government has been forced to triple the bailout of one of its floundering banks as the country's financial crisis deepens.

The $2.4 billion rescue of Trust Bank, which uses Hollywood actor Bruce Willis to advertise its credit cards, is said to be the second largest ever seen in Russian history.

Trust Bank fell victim to the sharp fall in the value of rouble, which prompted the panic buying of foreign currency and the rise in deposit withdrawals.

Scroll down for video

The Russian government has been forced to triple the bailout of floundering Trust Bank, which is advertised by Hollywood A-lister Bruce Willis

The $2.4 billion rescue of Trust Bank, which uses Hollywood actor Bruce Willis to advertise its credit cards, is said to be the second largest ever seen in Russian history

Russia's central bank said on Monday that it would provide $540 million (30 billion roubles) to shore up its finances.

Four days later they said the loan would be replaced with another for up to 99 billion roubles over 10 years from the Deposit Insurance Agency, a state corporation, to cover the discrepancy between Trust Bank's assets and liabilities.

As much as 28 billion roubles will also be loaned over six years to Otkritie bank, which will oversee Trust Bank's rescue.

The slump in Russia has been blamed on Western sanctions and the falling price of oil.

Last Friday Russia's lower house of parliament hastily approved a draft law to give the banking sector a capital boost of up to 1 trillion roubles, which banks are expected to receive from early next year.

The funds earmarked just for Trust Bank - Russia's 32nd largest lender by assets according to Interfax data - are equivalent to almost 13 percent of that figure.

Analysts said the bailout showed the central bank wanted to shore up confidence in the banking sector and that Otkritie would benefit from overseeing the rescue by receiving a cheap liquidity boost.

People seen walking past the headquarters of the troubled bank in Moscow

The central bank has also launched a drive to clean up the banking sector and has revoked the licenses of over 100 banks since the beginning of last year, bringing the total number of licensed banks in Russia below 1,000.

With Russia's economy taking a nosedive, the pain for its banks seems certain to continue next year as consumer spending and earnings shrink.

The rouble rose on Friday to its strongest levels in more than three weeks after the government ordered exporters to sell some of their hard currency revenues. But the currency remains down 38 percent against the dollar this year.