Investigating sexual violence as war crimes — "He Came Back"
Our War Crimes Investigations Unit released its new documentary, “He Came Back”. The film is about two cases of sexual violence committed by Russian soldiers during the occupation of Kherson and Kyiv oblasts in 2022 — and the process of identifying the offenders. Watch it on our YouTube channel.
Skip to content
Edit post

Russia hikes interest rates to 15% amid soaring inflation

by Abbey Fenbert October 28, 2023 6:43 AM 2 min read
Russia's Central Bank in Moscow, July 21, 2023. (Sefa Karacan/Anadolu Agency via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

The Russian Central Bank raised its key interest rate to 15% on Oct. 27 due to skyrocketing inflation and a declining ruble.

This marks the fourth time the bank has raised lending costs this year. Since July, the bank has raised rates by a total of 7.5 percentage points. The latest spike represents an increase of 200 basis points.

"Current inflationary pressures have significantly increased to a level above the Bank of Russia's expectations," the bank said in a statement.

The announcement comes a day after Russian lawmakers approved a 68% increase in military spending for 2024.

Russia previously announced an emergency rate hike on Aug. 15, raising the interest rate to 12% after the ruble fell to its lowest point since the start of Russia's full-scale war.

Russia's war against Ukraine has helped drive price inflation globally, in part due to disruptions to food and energy supplies. But severe Western sanctions have isolated Russia's economy, while government spending continues to climb.

“Steadily rising domestic demand is increasingly exceeding the capabilities to expand the production of goods and the provision of services. Inflation expectations remain elevated. Lending growth paces are invariably high,” the bank said.

EU leaders endorse plan to use frozen Russian assets to rebuild Ukraine, but fight not over
Ukraine may have gotten one step closer to gaining access to frozen Russian assets to put toward its massive reconstruction needs. European Union leaders on Oct. 27 expressed support for a proposal to use billions of euros in windfall taxes from Russian assets tied up in the West to rebuild
Before you skip this banner, we want to tell you something…

The Kyiv Independent doesn’t depend on a wealthy owner or an oligarch — in 2023, 80% of our revenue was from reader contributions . It’s thanks to them that we don’t have to rely on a single owner.

Support us now and help maintain our independent model and keep our articles free for everyone. Your contributions allow us to cover journalists’ salaries, report from the front lines, and fund projects like our War Crimes Investigations Unit.

visa masterCard americanExpress

News Feed

12:54 AM

Germany blocks sanctions on Russian gas.

European Union countries failed to approve a new sanctions package targeting the Russian gas industry after German authorities intervened to block the deal at the last minute.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
4:11 PM

Putin names ceasefire demands, including Kyiv's complete withdrawal from four Ukrainian regions.

Speaking on the eve of the global peace summit in Switzerland on June 15-16, Russian President Vladimir Putin said Ukrainian troops must leave Donetsk, Luhansk, Kherson and Zaporizhzhia oblasts, and Kyiv must abandon any ambition to join NATO. Russia doesn't aim for peace, but for the continuation of the war, the occupation of Ukraine, and the destruction of Ukrainian people, Ukraine's Foreign Ministry wrote in a statement.
12:36 PM

Ukraine retrieves bodies of 254 fallen soldiers.

The Geneva Conventions dictate that people who lost their lives during war are entitled to a dignified burial. Over 2,400 fallen soldiers have been repatriated to Ukraine in the last two years.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.