Russia's Central Bank Hikes Key Rate To 20% From 9.5% Amid Sanctions

Russia's central bank announced Monday it was raising its key interest rate to 20 per cent from 9.5 percent as the West pummelled the country with sanctions over Moscow's invasion of Ukraine.

"The Bank of Russia's board of directors has decided to raise the key rate to 20 percent," the central bank said in a statement carried by Russian news agencies.