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Economics

Russia Erects Financial Defenses as Curbs Hit Banks, Markets

Central bank hikes rate, adds capital controls to calm market
Invasion of Ukraine prompted unprecedented sanctions on Russia

Video player cover image — U.S. Bans Transactions With Russian Central Bank

By

Netty Idayu Ismail and

February 28, 2022, 4:48 AM UTCUpdated onFebruary 28, 2022, 2:22 PM UTC

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The Bank of Russia acted quickly to shield the nation’s $1.5 trillion economy from sweeping sanctions that hit key banks, pushed the ruble to a record low and left President Vladimir Putin unable to access much of his war chest of more than $640 billion.