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Bank of Russia raised the key rate by 3.5 percentage points to 12% per annum. The decision was made "in order to limit risks to price stability" Since the beginning of summer, the Russian currency has fallen in price against the American, European and Chinese currencies by more than 20%. One of the main reasons for the observed dynamics was the current situation in foreign trade. Analysts still do not see any risks to financial stability and do not expect a rate hike to the highs of 2022.

By Darya Korsunskaya (Reuters) - Russia's attempts to plug its budget deficit by selling foreign currency reserves could lead to a vicious circle that...

Russia's attempts to plug its budget deficit by selling foreign currency reserves could lead to a vicious circle that pushes the rouble higher and further reduces the Kremlin's crucial export

Russia's attempts to address its budget deficit through the sale of foreign currency reserves may inadvertently devalue the ruble, according to some analysts.

Warmer-than-expected temperatures in Europe have reduced energy demand across the continent this winter, cutting into Russian President Vladimir Putin's war chest and allowing countries to conserve natural gas and even begin refilling gas storage tanks ahead of next winter.