It’s not atypical in the Ruble markets. 5+% is very common, especially with larger balances. The base rates for the Central Bank of Russia are pretty high compared to the dollar. The downside is that Ruble mortgages can be over 10%.
When you take the economic activity of one currency that has higher rates, you also need to accept the devaluation of that currency, since the higher rate is associated with a certain element of inflation. When you then translate those dollars to a lower interest rate currency, you’d lose the premium of the return. 7% there, compared to 1% here, would be gobbled up by currency deterioration. There is no free lunch, interest rates/currency are like a nearly perfect functioning clock. Trust me, if it was that easy...those of us in Finance would cash in on that all day long.