Free Republic

Russia's central bank hiked its key interest rate by 200 basis points to 18% on Friday as it grapples with high inflation and an overheated economy, bringing the cost of borrowing to its highest in more than two years. -snip- The key rate is now at its highest since April 2022. The Bank of Russia raised rates to 20% in an emergency move soon after the Kremlin sent Russian troops into Ukraine in February 2022. "Inflation has accelerated and is developing significantly above the Bank of Russia’s April forecast. Growth in domestic demand is still outstripping the capabilities to expand...

Russia's proposed tax hikes for companies and the wealthy, which may add an extra $30 billion to next year's budget revenues, will allow Moscow to further ratchet up spending, including on its war in Ukraine, without compromising fiscal stability. The finance ministry insists the tax hikes, proposed on Tuesday, are fair and target Russia's wealthiest. It says tax changes should solve national problems, reduce inequality and help develop Russia's regions. The changes will cover President Vladimir Putin's more than 11.5 trillion roubles ($128 billion) in infrastructure and social spending pledges for his new six-year term, analysts say, without requiring a...

"You can't go anywhere at all, not even to Uzbekistan or Belarus for the May holidays," said one source. -snip- Russia is making overseas travel harder for some officials due to fears that foreign powers may try to gain access to state secrets during the worst crisis in relations with the West for more than 60 years, nine sources told Reuters. The Federal Security Service (FSB) is putting pressure on employees across government ministries not to leave Russia at all, even to visit so-called 'friendly' countries that have not imposed sanctions against Moscow, the sources said. Foreign travel was highly...

MOSCOW (Reuters) - Moscow has begun investigating the safety of a Russian-made medical ventilator, some of which have been sent to the United States, after six people died in hospital fires reported to involve two such machines.