Country’s economy faces fallout from international sanctions prompted by invasion of Ukraine
Russia’s central bank has more than doubled interest rates to 20%, and banned foreigners from selling local securities, in a bid to protect its currency and economy in the face of international sanctions over the invasion of Ukraine.
The rate rise, from 9.5%, is aimed to balance the precipitous fall in value of the rouble and surging inflation as the country braces for its financial markets to take battering this week.
