Russian’s central bank has more than doubled the country’s key interest rate from 9.5% to 20% as its currency, the ruble, hit a record low against the dollar on the back of a slew of new sanctions and penalties imposed on Russia by Europe and the U.S. for its invasion of Ukraine. The Russian public will notice these economic shocks…

The rate hike, the central bank said, “is designed to offset increased risk of ruble depreciation and inflation.” The rate hike lifted the ruble from the lows that saw it fall 40% at one point. The selling might not be over as the Russian central bank can’t buck the market forever…