Russia's central bank raised its key interest rate to 20% from 9.5% as Western sanctions sent the ruble into a dive and threatened to batter the nation's economy. Follow our live coverage here:
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“I worry about the implications of destroying the Russian economy for global monetary and macro stability,” Julia Friedlander, director of the economic statecraft initiative at the Atlantic Council said in an interview. They also took the rare step of sanctioning some transactions with the Central Bank of Russia. That will impair the central bank’s ability to defend the Russian currency, the ruble, which has fallen sharply since the invasion began. Europe has also banned Russian private and commercial airlines from its airspace.stock-market futures to declineOn the scale of possible sanctions, “this could be 10 out of 10,” said Ms. Friedlander, who was an adviser in the U.S.
She expressed concern that the West has moved so rapidly “that the bottom could come out of the Russian economy in the coming days. And of course, Congress is talking about more escalation.”
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