RE: Russia's Central Bank doubles interest rate to 2028 Feb 2022 10:09
The rouble has collapsed to a fresh record low against the dollar after the West rolled out fresh sanctions against Russia and President Vladimir Putin put his nuclear forces on high alert.
The Russian currency dropped almost 30pc to 119 per dollar in early trading. The opening of the Moscow Exchange has been delayed and the Russian central bank raised interest rates to 20pc in a desperate bid to prop up the economy.
It came after the US and Western allies agreed to banish Russia from the Swift international payments platform and took measures against its central bank, while the EU has banned Russian airlines from its airspace and is sending weapons to Ukraine.
Global markets are now braced for a tumultuous day of trading. Oil benchmark Brent crude jumped above $102 a barrel and gas prices surged almost 40pc, while US and European stocks markets are set to plunge at the open.