The Russian Central Bank will raise its key interest rate from 9.5% to 20% per annum, it said in a statement on Monday, February 28, CNN reports.

“External conditions for the Russian economy have drastically changed,” the bank said in the statement. “The increase of the key rate will ensure a rise in deposit rates to levels needed to compensate for the increased depreciation and inflation risks.”

“This is needed to support financial and price stability and protect the savings of citizens from depreciation.”