Beauty giant L’Oreal among firms pulling back from Russia

Thirty years ago when communism collapsed in the Soviet Union, Western firms stepped up their presence in Russia.
The arrival of big Western companies symbolised the start of a new era with Russians becoming eager consumers of brands ranging from fast-food chain McDonalds to Levi jeans and luxury goods.
Now, in the wake of President Putin’s invasion of Ukraine, some firms, including Apple, Netflix, Zara and Jaguar Land Rover, have announced they are suspending activities in Russia.

Ukraine conflict: Russia doubles interest rate after rouble slumps

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 about 20% down.
The collapse in value erodes the currency’s buying power and could wipe out the savings of ordinary Russians.