Economic sanctions imposed on Russia following the invasion of Ukraine have caused the price of gas in the country to dramatically increase overnight, according to Newsweek.

As of noon on Monday, it costs an average of 4,500 rubles to fill a 12-gallon gas tank, based on the average price of $3.60 in the U.S. after the value of the ruble shifted to more than 104 rubles being equivalent to $1. On February 23, the day before Russia launched its invasion, a 12-gallon tank of gas cost about 3,870 rubles, and $1 was worth about 83 rubles. Interest rates at Russian banks also rose after the invasion, from about 9.5 percent to more than 20 percent.

David Feldman, a College of William & Mary economics professor, said on Monday that the sanctions imposed by the U.S., Canada, the United Kingdom, and the European Union will "ripple through" the Russian economy "really fast. Anything that is imported is going to see the local cost in currency surge. The only way to stop it will be heavy subsidization."

President Joe Biden said last week in a statement announcing the sanctions: "This is going to impose severe costs on the Russian economy, both immediately and over time. We have purposely designed these sanctions to maximize the long-term impact on Russia, and to minimize impact on the United States and our allies."

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