Russia's Central Bank Raises Interest Rates to 18% Amid Escalating Inflation

The move aims to curb soaring inflation driven by high consumer activity and Western sanctions.

Russia's central bank increased its key interest rate to 18%, the highest in over two years.
The rate hike is a response to inflation rising above forecasts, now at 9.0% annually.
Western sanctions and a wartime economy have intensified inflationary pressures.
Russian businesses face significant cross-border payment delays due to international sanctions.
Some Russian business elites criticize the high rates, arguing they stifle economic growth.