Russia hikes key rate to 20%, tells companies to sell FX

The Russian central bank on Monday raised its key interest rate to 20% from 9.5% to counter risks of rouble depreciation and higher inflation.

Russia has also ordered companies to sell 80% of their foreign currency revenues, the central bank and the finance ministry said.

The central bank also announced a slew of measures on Sunday to support domestic markets, as it scrambled to manage the broadening fallout of harsh Western sanctions over the weekend in retaliation against Moscow's invasion of Ukraine.