Vladimir Putin is in a painful economic bind

Vladimir Putin is in a painful economic bind

Vladimir Putin is in a painful economic bind

Most central banks are cutting interest rates. Not Russia’s. Last month policymakers raised rates to 21%, a two-decade high; markets expect them to reach 23% by the year’s end. The shift is all the more unusual as it is happening at a time of war, when central bankers are normally loth to supress economic activity.

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