Russia's central bank is scrambling to prop up the country's economy. Here's everything it's done to stave off sanctions and what it could do next.

The Russian economy is being battered by Western sanctions, and the central bank has been maneuvering in order to save it.

Russia's central bank doubled its interest rates, bought gold in the domestic market to shore up its finances, and declared that Western countries could not exit Russian investments.

Russian banks have struggled after being banned from the SWIFT interbank messaging system, and on Wednesday the central bank announced it was seeing a widening ofliquidity shortage as its citizens make a run on banks.

The central bank needs access to foreign exchange reserves to stop the bank run, but with G7 sanctions preventing access, the domestic economic situation is likely to get worse.

Russia has kept its stock market closed all week, and some index operators have deemed Russian stocks un investable.

The European Commission said last Saturday that allies would "paralyze" up to $630 billion worth of the Russian Central Bank's international reserves.

The Russian central bank's tools to prevent economic collapse have been undermined by sanctions. He said that Russia's foreign exchange reserves helped cushion the impact of Western sanctions.

Scores of foreign companies have ended business operations in the country and major fund managers have frozen at least $3 billion in assets exposed to Russia.

Russian banks owe a lot of money to western lenders and those assets will likely reduce to zero along with the mass default of Russian creditor, according to Breen.

Russia banned brokers from selling securities on behalf of non-Russians, imposed limits on foreigners trying to transfer money out of the country, and said they wouldn't be able to collect bond coupon payments on Russian debt.

Russia has its credit worthiness to junk status this week.

What comes next?

While it will be difficult for Russia's central bank to navigate the coming weeks, a next step could be to lean further into its energy reserves, as oil and gas remain the biggest revenue generators for Russia.

China holds 13.8% of Russia's foreign exchange reserves, so the central bank could try to make up for it. The ruble could be helped by China.

The Russian central bank could look to change the ruble's reference currency to the Chinese currency.

China and Russia recently settled a 30-year gas deal in euros, so this option may not be popular. Western sanctions could target China for assisting Moscow, so cooperation from Beijing is not guaranteed.

Russia probably won't be able to do the same as Ukraine, according to Ari Redbord, head of legal and government affairs at TRM Labs.

I don't think it's a good idea to use cryptocurrencies for sanction evasions. He doesn't think the Russian bank would be able to come up with a viable, last-minute solution with enough scale.

Because global regulators will be able to see it, it will be hard for the government to move any large amount ofcryptocurrencies.

The Russian central bank will not be able to move anycryptocurrencies because of the lack of liquidity in the market and strict compliance controls in the larger exchanges.

The global economy makes it hard for Russia to do much internally.