The Central Bank of Russia has more than Double interest rates Support for the ruble plummeted as the economic impact of President Vladimir Putin’s invasion of Ukraine hit the Russian economy.
During an emergency, the Russian central bank raised interest rates to 20% from 9.5%, with the currency losing almost a third of its value against the dollar following the announcement of Unprecedented sanctions On Russia’s banking system.
Also the central bank Strangers are forbidden From the sale of local securities and suppressed trading on the Moscow Stock Exchange with the spread of fears of financial chaos in Russia.
The Kremlin acknowledged that the economic reality in Russia was “Significant change” Following the sharp decline in the value of the ruble and the rise in interest rates. Putin called for an emergency meeting with his economic advisers later today in response to Russia’s growing financial crisis.
Over the weekend queues formed at Russia’s empty cash machines Savers feared the collapse of the ruble and feared they would not be able to access the international payment system.
In other developments:
Follow the latest developments with us Live blog And monitor the conflict On the maps. We have too Explains Detailing how Western sanctions could stumble the Russian economy and our systemic system claims that Putin’s war is increasingly seen as a miscalculation that could Make it more dangerous.
Thank you for reading FirstFT Americas. To keep up to date with everything that is happening in Ukraine, Sign up here Receive the essential newsletter of my Valentina Pop colleagues, Europe Express – Gordon
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The day ahead
UN Conferences The UN General Assembly, which includes all members, will hold a Emergency seat On Russia’s invasion of Ukraine. The UN Human Rights Council is opening its 49th session in Geneva, with French Foreign Minister Jean-Yves Le Drian speaking on security concerns, and Kenya hosting the fifth session of the UN Environment Assembly.
Emanuel Macron will announce a re-election campaign The French president is expected to announce his candidacy for re-election. The FT is Monitoring national opinion polls Ahead of the first round of voting in April.
What else are we reading
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Donald Trump’s accounts may hold him accountable The former U.S. president apparently feels more than usually unassailable, having objected to two dismissals and a special adviser inquiry. But despite his love of bombast, Trump’s legal troubles are far from over. Writes our system system.
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