Putin Is Having Easier Crisis This Time Thanks to Oil, Reserves
- Central bank refrains from rate increase in response to crisis
- Higher oil, stronger finances seen shaping response by Russia
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Russian policy makers weren’t caught off guard when President Vladimir Putin unleashed his military on Ukraine.
In stark contrast to Putin’s first invasion eight years ago, the central bank took Russia’s pre-dawn attack in stride this week, holding off from an interest-rate increase while extending more liquidity to lenders -- alongside words of assurance that it’s ready to provide more support after western sanctions.