Russian's Central Bank raises rate to 20% from 9.5% to help Ruble amid western financial sanctions

Russia's Central Bank has sharply raised its key rate from 9.5% to 20% in a desperate attempt to shore up the plummeting ruble and prevent the run of banks amid crippling Western sanctions over the Russian war in Ukraine. The bank's action follows the Western decision Sunday to freeze its hard currency reserves in an unprecedented move that could have devastating consequences for the country's financial stability.