Russia hikes rates as Ukraine crisis brings financial volatility
The Bank of Russia today hiked its suite of interest rates by 150 basis points each with the express aim of dampening volatility in financial markets, as uncertainty grew over what would be the ultimate outcome of the crisis in neighbouring Ukraine.
Following Russian troops entering Ukraine's province of Crimea over the weekend, investors pulled funds out of Russia today, causing stocks and the ruble to fall sharply. Markets opened in Moscow with the ruble trading at 36.6 to the dollar
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