Vladimir Putin is in a painful economic bind
Russia’s reliance on China is becoming a problem
Most central banks are cutting interest rates. Not Russia’s. Last month policymakers raised rates to 21%, a two-decade high; markets expect them to reach 23% by the year’s end. The shift is all the more unusual as it is happening at a time of war, when central bankers are normally loth to suppress economic activity.
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This article appeared in the Finance & economics section of the print edition under the headline “The 21% war”
Finance & economics November 23rd 2024
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From the November 23rd 2024 edition
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