Russian Central Bank Battles Ruble's Freefall Amid Economic Strain

Russia's central bank has halted foreign currency purchases and is selling Chinese yuan to support the ruble amid soaring inflation and economic sanctions. The ruble has plummeted to its lowest value since the Ukraine war began, exacerbated by Western sanctions and a lack of foreign investment. Inflation rates are high, with consumer prices rising sharply, prompting the central bank to raise interest rates to 21%. However, this has not stabilized the ruble, leading to calls for even higher rates despite potential economic slowdown.