Russia has more than doubled its interest rate to 20% in a bid to halt a slump in the value of its currency. The Bank of Russia raised the rate from 9.5% after the rouble sank 30% after new Western sanctions. The currency then eased back to stand 20% down. The collapse in value erodes the currency’s buying power and could wipe out the savings of ordinary Russians. Amid pictures at the weekend of queues at cash machines, Russia said it had the resources to ride out sanctions. Ahead of an emergency meeting between President Vladimir Putin and his economic advisers on Monday, Kremlin spokesman Dmitry Peskov said: “These are heavy sanctions, they’re problematic, but Russia has the necessary potential to compensate the damage from these sanctions.” He said Russia would respond with its own sanctions. At the weekend, Russia’s central bank issued an appeal for calm amid fears that new financial sanctions could spark a run on its banks. It said it had the “the necessary resources and tools to maintain financial stability.”(BBC)…[+]