The Bank of Russia is raising its key interest rate to 20%. It had been
at 9.5%. The central bank says external conditions have drastically
changed and the hike is necessary to make bank deposits attractive.
Bloomberg Economics' Scott Johnson discusses the move on "Bloomberg
Daybreak: Europe."
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European Commission President Ursula von der Leyen says the EU is preparing a package of "massive sanctions" following Russia's invasion of Ukraine. "We will target strategic sectors of the Russian economy by blocking their access to technologies and markets that are key for Russia," von der Leyen said Thursday. "We will weaken Russia's economic base and its capacity to modernize."
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