Russian Central Bank Makes Emergency Rate Hike As Ruble Hits 16-Month Low

Ruble has declined over 25% against US dollar since start of Ukraine invasion in February.
Lower export revenues, higher import costs, and increased military spending contributing to ruble's fall.
Central bank raised key interest rate to 12% in attempt to stabilize currency and combat inflation.
Kremlin publicly called for tighter monetary policy prior to central bank's emergency move.
Measures aim to halt ruble's slide but wider economic impacts remain challenging due to sanctions.