The sanctions set in motion by the North Atlantic Treaty Organization (NATO) the day following the invasion of Ukraine are hitting Russia hard. According to Globaldata estimates, the nation straddling Europe and Asia will see its GDP contract by 12.3% in 2022. The inflationary spiral will peak at 15%, forcing the Central Bank of Russia to first raise its key rate to 20% in February before bringing it back to 8% in July, taking advantage of a spectacular rise in the ruble. High interest rates favored the placement of savings in deposits
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