A Russian stock ETF plunges 23% as the country's market remains closed amid deep losses

• The VanEck Russia ETF, a US-listed ETF with Russia stocks, dropped more than 23% Monday.
• The Russian stock market remains closed, and global sanctions are weighing on the Russian economy.

The VanEck Russia ETF plummeted 23% Monday as more sanctions against Moscow pile up while Russian troops ramp up their assault on Ukraine.

The Russian central bank closed the country's stock market on Monday, so many of the companies in the US-listed ETF aren't trading at the moment.

The ETF tracks the MVIS Russia Index, which encompasses the biggest companies in Russia as well as non-Russian companies that generate at least half their revenue in the country.

The VanEck Russia ETF also saw a big drop on Thursday, the day of Russia's initial invasion into Ukraine. Since then the ETF has plunged about 46%.

In the latest economic sanctions on Russia announced Monday, the EU and the US blocked their citizens from doing business with Russia's central bank, effectively cutting off its access to dollar and euro currency reserves.

Over the weekend, the US, UK, and Canada joined the EU in pledging to remove Russian banks from SWIFT — the Society for Worldwide Interbank Financial Telecommunication — which severely hampers Russia's ability to interact with global markets. More countries made similar moves on Monday.

"If I were Russian, I would take my money out now," hedge fund titan Bill Ackman said after the Western countries ratcheted up sanctions.

As tougher sanctions roll in, Russia's largest bank cratered 77% and the ruble hit a record low. The central bank also hiked interest rates to 20% and poured into gold.