oligarchs have found a scapegoat, and it’s not Putin – UNIAN
It is noted that the Central Bank of the Russian Federation may further raise the interest rate.
For more than two years, Russia's war economy has fueled consumer spending and boosted corporate profits. More recently, the war has led to rising inflation and interest rates, hitting company profits.
The Wall Street Journal writes that rather than blaming the war on a hostile business environment, Russia's business elite is pinning its grievances on the head of the Russian central bank. Elvira Nabiullina, in an attempt to curb inflation, raised the key interest rate to a record level, causing the cost of borrowed funds to rise sharply.
“The elite is fighting for survival, and although it remains loyal to Putin, discontent is growing,” says Alexandra…
