Ruble Is Elephant In Room as Russia Invokes Inflation Threat

Russia’s central bank Governor Elvira Nabiullina cited the threat of inflation as she warned future interest-rate cuts would be smaller and fewer. Economists see a different reason: the ruble.

Russia’s Surprise Rate Increase Fails to Stem Ruble Drop

The ruble tumbled the most since 2011 after a larger-than-forecast increase of Russia’s key interest rate failed to ease concern that the economy will remain hobbled by sanctions and capital flight.