Russia Economy Panic As Move From Banking Boss Causes Vladimir Putin’s Cronies To ‘Squeal’

The Russian central bank’s decision to raise interest rates to 21% has left Vladimir Putin’s cronies "squealing", according to an expert.

Richard Connolly, an associate fellow at the Royal United Services Institute (Rusi) made the claim after Russian defence companies and oligarchs blamed the measures for damaging the Russian economy as it continues to fund the war in Ukraine.

In October, Elvira Nabiullina, Russia’s central bank governor, raised interest rates to 21% - the highest they have been since the early days of Putin’s presidency.

The decision sparked outrage amongst Russia’s elite, with Sergei Chemezov, the boss of the state-run defence conglomerate Rostec and a former general, labelling the decision as a "serious brake on further industrial growth".

Connolly said: "She has done a lot of things that have caused a lot of other allies of Putin to squeal. [Chemezov] has the ear of Putin. But it doesn’t matter."

Read the full article on Express.