The slowdown is worrying for the Kremlin but not serious enough to significantly hobble its war effort.
Tag: Central Bank of Russia
Russia Raises Interest Rate to 21 Percent, Its Highest in Decades
Military spending and recruitment are causing the country’s economy to overheat, leaving regulators in a struggle to rein in rising prices.
Russia Raises Key Inflation Rate to 18 Percent
The move underscored the wartime risks for the Kremlin as the government pumps enormous sums of money into the Russian economy.
At the G7, Biden Will Push for Frozen Russian Assets to Help Ukraine
President Biden faces the hurdle of convincing his allies that the United States plans to stay in the fight with Ukraine, no matter what happens in November.
Putin’s War Will Soon Reach Russians’ Tax Bills
Russia’s president has signaled an increase in income and corporate taxes that will help finance the war. The move reflects his firm control over Russian policy.
A Russian Bank Account May Offer Clues to a North Korean Arms Deal
Moscow may be trying to help Pyongyang with access to the international financial system in exchange for missiles and ammunition, U.S.-allied intelligence officials suggest.
Russia’s Central Bank Raises Rates to 16 Percent
The bank warned that its tight monetary policy would continue “for a long period” as it attempts to slow an economy in danger of overheating.
Russia’s Interest Rate Hike Highlights Economic Struggle Amid Ukraine War
With the third-largest interest rate increase in a decade to shore up the ruble, Moscow’s policymakers are pursuing the conflicting goals of paying for the war against Ukraine and taming inflation.
Russian Ruble Slides Past 100 Against the Dollar, Its Weakest Level Since March 2022
The currency weakened as far as 102 to the dollar, adding to concerns of inflation and prompting the Russian Central Bank to move quickly to consider raising rates.
Russia Tries to Bolster Ruble as Inflation Adds to Economic Woes
The central bank in Moscow took steps to counter the currency’s slide, but the war and resulting sanctions have put intense pressure on the economy.