Russian central bank hikes key interest rate to 8.5% amid rising inflation

Central bank raised its key interest rate by 100 basis points, exceeding analyst expectations
The rate hike aims to combat intensifying inflationary pressures and risks
Further rate hikes this year are possible as inflation is forecast to exceed target range
Rouble has weakened following the rate decision due to falling exports and rising imports
The currency has also been impacted by capital outflows stemming from the Ukraine conflict