Russia interest rates to 20% – ruble slumps to record low

Ukraine invasion: Russia hikes key interest rate to 20% after ruble slumps to record low

Russia’s central bank has raised its key interest rate from 9.5% to 20% in an attempt to shore up the ruble after it plunged to a record low.

The currency plummeted after Western nations imposed new sanctions on the country for its invasion of Ukraine.