Russian central bank doubles interest rates to 20 percent as ruble crashes amid mounting sanctions

The Russian central bank more than doubled interest rates Monday, to 20 percent from 9.5 percent, in a emergency move to try and stabilize the plummeting ruble, which dropped more than 30 percent Monday, to its lowest rate ever against the dollar.

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.