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Russia's central bank raises interest rate to 21% to fight inflation boosted by military spending (apnews.com)

submitted 1 week ago by [email protected] to c/[email protected]

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[–] [email protected] 4 points 1 week ago (1 children)

As long as Russia has foreign oil sales they won't need to print as much money, lowering the chance of inflation rising uncontrollably.

[–] [email protected] 3 points 1 week ago

Absolutely true, the oil is helping Russia a lot. It probably benefit Russia about as much as foreign aid helps Ukraine.
But the oil can only do so much, when the economy is overheating badly.
The problem in Russian economy is not shortage of money, it's lack of production capacity, and lack of workers to increase it. Probably also lack of ability to import goods like they used to. This puts extra pressure on their home production, and helps prevent the Russian economy to keep up with the increased strain from the war.