Russia scrambles to contain sanctions fallout

Black market fears, problems with online payments and the looming spectre of inflation -- Russian officials are scrambling to deal with the effects of sanctions imposed on Russia over its military intervention in Ukraine.

On the streets of Moscow, there is little sign of panic -- restaurants are open and busy during an extended state holiday that will last through March 8 when the country marks International Women's Day.

But at ministries and banks, there is growing concern over economic fallout that has seen giant international companies flee Russia and questions raised over the health of the banking sector.

The central bank in recent days has taken unprecedented measures, including capital controls, to shore up the struggling economy and Russia's ruble.

The national currency has shed around a quarter of its value against the US dollar since what the Kremlin has dubbed  "a special military operation" in Ukraine began on February 24.

The tanking ruble has revived memories of financial turmoil of the 1990s, when millions of Russians saw their savings evaporate due to currency devaluation and soaring inflation.

For the moment, ensuring basic goods remain affordable and abundant is a key target for authorities.

The trade and industry ministry on Saturday raised alarm over cases of essential foodstuffs being purchased  "in a volume clearly larger than necessary for private consumption...for subsequent resale," pointing to an emerging black market.