Von der Leyen announces a new package of sanctions, Nabiullina warns of the risks for Moscow

Russia’s central bank left its key interest rate at 7.5 percent for the third month in a row, but surprised markets by warning it could raise it to counter a rebound in inflation as the Kremlin continues to hike public spending, and dig into the budget, to carry on the war in Ukraine. Beyond the formal and reassuring tones of the governor Elvira Nabiullinait is clear that the echelons of the Russian financial technocracy are somewhat concerned.