Russia hikes interest rates to 15% as inflation soars

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Russia's central bank has put up its key interest rate to 15% to try to curb inflation and bolster a weak rouble.

The higher-than-expected rate hike of two percentage points raises borrowing costs for the fourth time in a row.

This includes an unscheduled emergency hike in August as the rouble tumbled past 100 to the dollar and the Kremlin called for tighter monetary policy.

Pressure has also been mounting on the Russian economy due to imports rising faster than exports and military spending growing for the Ukraine war.

But rate hikes can only go so far in steadying an economy, and analysts have said Russia could struggle to attract investment due to Western sanctions.

EU leaders introduced a price cap plan to limit the amount Russia earns from its oil exports and the country has also been excluded from Swift, an international payment system used by thousands of financial institutions.

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