Economics
Russia Erects Financial Defenses as Curbs Hit Banks, Markets
- Central bank hikes rate, adds capital controls to calm market
- Invasion of Ukraine prompted unprecedented sanctions on Russia
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The Bank of Russia acted quickly to shield the nation’s $1.5 trillion economy from sweeping sanctions that hit key banks, pushed the ruble to a record low and left President Vladimir Putin unable to access much of his war chest of more than $640 billion.