"The Board of Directors of the Bank of Russia has decided to raise the key rate to 20% per year," said the monetary institution, quoted by Russian news agencies.
“The Bank of Russia will make new decisions on the key rate based on an assessment of the risks associated with external and internal conditions and the response of financial markets to these risks,” she added, while it tries to defend the ruble.
The United States, the European Union and other countries have announced that they will exclude certain Russian banks from the Swift international banking payment system and any transactions with Russia's central bank.
The G7 countries - Canada, France, Germany, Italy, Japan, Britain and the United States - have warned that they will take "further measures" in addition to the sanctions already announced if Russia does not cease its operations military.
Key rate of the Russian Central Bank AFP
Before Western sanctions and the invasion of Ukraine, inflation was already soaring in Russia, forcing the Central Bank to raise its key rate several times.
The key rate is the main tool in the fight against inflation.
© 2022 AFP