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International Business Times
International Business Times
Business
AFP News

Russia Hikes Interest Rates To 21% As Government Spending Skyrockets To Pay For Ukraine War

Russia Interest Rates Ukraine Vladimir Putin Inflation Economy SWIFT
Inflation has surged in Russia amid a massive increase in government spending on the Ukraine offensive that has triggered labour shortages across the economy (Credit: AFP)

Russia's central bank hiked interest rates to 21 percent on Friday, taking borrowing costs to their highest level in more than 20 years amid surging inflation.

The rise takes rates above an emergency level introduced in February 2022 -- just after Moscow ordered troops into Ukraine -- and to their highest since 2003.

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