Russia’s Central Bank Raises Key Rate to Historic 21%, Signals Aggressive Fight to Curb Inflation - The Moscow Times
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Russia’s Central Bank raised its key interest rate from 19% to a historic 21% on Friday, taking it even higher than the emergency rate initially introduced after the full-scale invasion of Ukraine as officials scrambled to shield the economy from Western sanctions.

Russia’s Central Bank raised its key interest rate from 19% to a historic 21% on Friday.

Seasonally adjusted price growth last month rose to 9.8% year-on-year from 7.5% in August. Core inflation increased to 9.1% from 7.7% over the same period.

Russia has faced volatile prices (and rising inflation) since it sent troops into Ukraine in February 2022.

Russia is set to spend almost 9% of its GDP on defense and security this year, according to official forecasts.