Russia has more than doubled its interest rate to 20% in a bid to halt a slump in the value of its currency.
The Bank of Russia raised the rate from 9.5% after the rouble sank 30% after new Western sanctions. The currency then eased back to stand 20% down.
The collapse in value erodes the currency’s buying power and could wipe out the savings of ordinary Russians.
Amid pictures at the weekend of queues at cash machines, Russia said it had the resources to ride out sanctions.
