Russia faces financial meltdown as sanctions slam its economy
CNN
Russia was scrambling to prevent financial meltdown Monday as its economy was slammed by a broadside of crushing Western sanctions imposed over the weekend in response to the invasion of Ukraine.
President Vladimir Putin held crisis talks with his top economic advisers after the ruble crashed to a record low against the US dollar, the Russian central bank more than doubled interest rates to 20%, and the Moscow stock exchange was shuttered for the day. It will stay closed Tuesday, the central bank announced.
The European subsidiary of Russia's biggest bank was on the brink of collapse as savers rushed to withdraw their deposits. Economists warned that the Russian economy could shrink by 5%.
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