Reuters first to report Russia hikes rates; market reacts

Reuters was first to report that Russia’s central bank more than doubled its key policy rate on Monday and introduced some capital controls, as it scrambled to shield the economy from unprecedented Western sanctions that had sent the rouble tumbling to record lows. The main interest rate will rise to 20%, its highest this century, from 9.5% to counter the risks of the rouble’s rapid depreciation and higher inflation, which threaten Russians’ savings.