Russia hikes rates as credit rating cut

Posted online April 25, 2014 | 6:51 am

Russia hiked interest rates for a second month running Friday in an effort to limit the economic damage of rising tensions over Ukraine.

The move came just hours after Standard & Poor's cut Russia's credit to one notch above junk, citing a flight of capital from the country, according to CNNMoney.

The Russian central bank lifted rates to 7.5 percent.

Read more from CNNMoney.

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