The Central Bank has progressively raised rates since the second quarter of 2023 in a bid to control persistent inflation and support the faltering ruble. However, the soaring cost of borrowing is now pushing many companies toward a dangerous debt spiral, with interest payments consuming one out of every four rubles they earn.

Ridiculous they are still keeping that 21% rate, it was somewhat understandable for the first few months after Feb 2022 to reduce capital outflows but they should've lowered it soon. Really goes to show that they have the same brainworms western aligned central bankers have on interest rates being a tool to control inflation.

Thing is, in the west, the rates were never this high to cause such carnage (other than under Paul Volcker, another ghoul). Central bank 'independence' and its consequences.