In an emergency move designed to fight inflation & strengthen the ruble after the country’s currency reached its lowest value since early in the war with Ukraine, Russia’s central bank made a big interest rate hike of 3.5 percentage points Tuesday.

In an emergency move designed to fight inflation & strengthen the ruble after the country’s currency reached its lowest value since early in the war with Ukraine, Russia’s central bank made a big interest rate hike of 3.5 percentage points Tuesday.