Ukraine crisis: Russia hikes rates by 20%, rouble plunges nearly 30%

Moscow, Russia's central bank more than doubled its key policy rate on Monday and introduced some capital controls as it scrambled to shield the economy from unprecedented Western sanctions that sent the rouble tumbling to record lows.
 
The main interest rate will rise to 20 per cent, its highest this century, from 9.5 per cent to counter the risks of the rouble's rapid depreciation and higher inflation, which threaten Russians’ savings.
 
“External conditions for the Russian economy have drastically changed,” the central bank said, adding that the hike ‘will ensure a rise in deposit rates to levels needed