TODAY: Interest rate hike fails to save the troubled ruble; ‘Black Tuesday’ still not as bad as 1998, say some; blame game commences. Obama likely to sign new sanctions into law; ECHR rejects Russian appeal on Yukos; suspicious death of Kremlin-critical German deputy; Russian director and activist honoured with freedom of speech award.

It seems that the Central Bank’s decision to increase interest rates was not enough to counter the plummet of the rouble yesterday which hit a new all-time low against the dollar.  The day saw the currency’s fall reach 20%, the largest one-day currency movement since the financial crisis of 1998, compounding the 10% drop of the previous day.  Shares in Russia’s biggest bank, Sberbank, fell more than 18% on what has now been dubbed Black Tuesday.  Amid widespread gloom, Mary Dejevsky says that ‘if the government and Central Bank between them can retain public confidence, it is possible that Russia’s exchequer will be able to ride out the crisis‘.  Sputnik’s Financial Editor says, ‘It could be worse. In 1998 the ruble fell from 6 to 30 rubles per dollar, which is 5 times cheaper than what it was before. So today there’s still room for it to fall to 150 rubles per dollar‘.  Central Bank chair Elvira Nabiullina advises Russians ‘to learn to live in a different zone‘.