Research Briefing | Mar 1, 2022
Russia – CBR’s huge rate hike unlikely to restore financial stability
Following Russia’s invasion of Ukraine, the US and EU announced harsh new sanctions, including banning some Russian banks from SWIFT and freezing the assets of Russia’s central bank.
What you will learn:
- The weekend announcements have caused panic in Russia’s domestic market and prompted the CBR to hike the policy rate to 20% from 9.5% on Monday morning.
- Cutting Russia’s banks from SWIFT and freezing the CBR’s assets are crushing policies.
- Given that Russia is a large economy deeply integrated into global markets and the financial system, unforeseen consequences may follow.
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