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 Federal Security Service (FSB) said on Friday that Dmitry Bulgakov, a former deputy defense minister, had been arrested and charged with corruption, the Interfax news agency reported. -snip- He served as deputy defense minister until he was replaced in 2022 and is the recipient of several top military and civilian awards, including the Hero of Russia award, the country’s highest honour. -snip- Bulgakov, who was in charge of military logistics until he was dismissed in September 2022, is the latest in a string of high-profile defense ministry figures to have been charged with corruption.

A Russian military airfield in occupied Crimea was reportedly targeted by a missile strike that caused explosions and a fire early on July 26, Ukrainian media and Russian Telegram channels reported, while Ukrainian energy facilities were again struck by Russian shelling and drones. The Ukrainian TV channel Suspilne, citing local residents, reported explosions in the cities of Saky and Yevpatoria in Crimea. "Very powerful explosions" were reported by residents in Saky, which is home to a Russian airfield. The Crimean Wind channel on Telegram reported that an ammunition depot at the airfield was struck and quoted a source as saying...