The Central Bank of Russia was never likely to alter interest rates at its meeting today – while the economy remains weak, high and rising inflation limits the room for policy support. Meanwhile, news that Russia has cut gas supplies to Ukraine following the collapse of talks over unpaid debts has raised fears of a re-run of the 2006 and 2009 “gas wars” between the two countries. However, while Ukraine and Europe were the big losers in previous disputes, this time Russia has more to lose.
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