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The Bank of Russia has raised short term interest rates a massive 200bp to stem run-a-way inflation sparked by prolific government spending on the war effort.
The Kremlin has overseen a booming economy in the face of crippling Western sanctions, but inflation remains a stubborn problem.
The move will pressure the middle class and curtail lending, which is already being squeezed for lack of Chinese yuan in the system, as the yuan is now the main lending currency in the Russian Federation, due to lower rates, and sanctions on use of the USD.
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