The European Union has imposed its 12th package of sanctions against Russia, days after Russia’s central bank raised its key interest rate for the fifth time since July. There’s a connection between those events. The Bank of Russia lifted its policy rate to a staggering 16 per cent last Friday in response to inflation running at a rate of about 7.5 per cent. The West is putting the squeeze on Russia’s economy. Credit: AP Soaring prices for goods and services – egg prices, for instance, are up 40 per cent this year – and (despite capital controls and the forced repatriation of companies’ foreign exchange holdings) a 20 per cent…
Putin’s choice: The war or his people
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