Russia's Central Bank Raises Interest Rate to 17%

The Russian central bank has been forced to raise interest rates in response to stop the fall in the ruble.  The Russian economy has been hit hard by the drop in oil prices and by Western sanctions in response to Russia's foreign policy decisions.  Falling oil prices, along with the effect of high interest rates on investment and consumption, increase the risk of recession in Russia.  The decline in the value of the ruble also makes it more expensive to service debt denominated in foreign currencies.