The Russian central bank, striving to combat inflation, has raised interest rates to 19 percent. According to AFP, inflationary pressure is increasing due to public spending intended to support the offensive in Ukraine.

Russia's central bank unexpectedly raised its benchmark interest rate by 100 basis points to 19% on Friday, saying that inflation remained stubbornly high and action was needed to reduce it.

Russia's central bank raised its interest rate by a full percentage point on Friday as government military spending in its invasion of Ukraine strains the economy.

The Bank of Russia is expected to keep the key interest rate at 18% amid signs of economic slowdown. Analysts debate potential future rate hikes.

Russia's central bank has raised its key interest rate to combat high inflation as government spending on the military strains the economy's capacity to produce goods and services and drives up worker

Russia’s central bank raised its key interest rate for the second straight meeting of its policymakers in an effort to tame a pickup in inflation driven by the diversion of manpower and other resources to sustain the country’s conflict with Ukraine.

Russia’s central bank has raised its key interest rate by a full percentage point to 19% to combat high inflation as government spending on the military strains the economy’s capacity to produce goods and services and drives up workers’ wages.

Russia's central bank on Friday raised interest rates to 19 percent amid the country's ongoing Ukraine offensive, warning inflation was running too high and it needed to cool the economy.