Overview

• Russia's central bank increased its key interest rate to 18%, the highest in over two years.
• The rate hike is a response to inflation rising above forecasts, now at 9.0% annually.
• Western sanctions and a wartime economy have intensified inflationary pressures.
• Russian businesses face significant cross-border payment delays due to international sanctions.
• Some Russian business elites criticize the high rates, arguing they stifle economic growth.