Russian central bank moves to stem plunge in rouble

Sanctions announced last week had taken the Russian currency to its lowest level against the dollar in history.

Russian president Vladimir Putin. Picture: Sputnik, Kremlin Pool Photo via AP

Russia’s central bank has sharply raised its key rate in a desperate attempt to shore up the plummeting rouble and prevent the run of banks amid crippling Western sanctions over the Russian war in Ukraine.

The bank hiked the benchmark rate to 20% from 9.5%.