Russia’s central bank has raised interest rates overnight from 10.5% to 17% in an effort to counter a recent fall in value of the rouble.

The bank raised rates by 1% last week, although the move had little impact on inflation, which looks set to hit double figures in the near future.

The country’s economy is being hit hard at the moment thanks to falling oil prices and Western sanctions which have seen the rouble lose almost 50% against the US dollar.