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Ukraine war

Russia more than doubles interest rates to 20%

Ruble hits record low as country is cut off from SWIFT global payment system

Russia's currency fell 30% against the dollar at one point on Feb. 28. (Source photo by AP)

TOKYO -- Russia's central bank said it will hike interest rates to 20% from 9.5% as fresh sanctions by Western countries put unprecedented pressure on the country's financial system.

"External conditions for the Russian economy have drastically changed," the Bank of Russia said in a statement. "The increase of the key rate will ensure a rise in deposit rates to levels needed to compensate for the increased depreciation and inflation risks. This is needed to support financial and price stability and protect the savings of citizens from depreciation."

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