The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
Telegram's CEO, Pavel Durov, has been detained in France on allegations that the messaging app failed to combat crime effectively, including the spread of child sexual abuse material. Durov, a 39-year-old billionaire of Russian origin, was apprehended at Le Bourget airport near Paris after exiting a private jet on Saturday.
The French agency Ofmin, established to prevent violence against minors, issued the arrest warrant. Ofmin's secretary general, Jean-Michel Bernigaud, stated that the case centers on Telegram's alleged lack of moderation and cooperation, particularly in addressing crimes against children. Durov may also face allegations related to enabling drug trafficking and promoting terrorism on the platform.
Telegram, which Durov co-founded with his brother Nikolai, has nearly one billion users worldwide. The app's hands-off approach to content moderation has led to accusations that it is a haven for criminal activities and extremist content. In response to Durov's detention, Telegram stated that Durov has "nothing to hide" and that the platform complies with European laws, calling the accusations against him "absurd."
Durov's detention has drawn attention from various authorities, including the Russian embassy in Paris, which demanded an explanation and consular access to Durov. French President Emmanuel Macron emphasized that Durov's arrest was not politically motivated and that the judiciary would independently handle the case. The investigating magistrate has extended Durov's detention for up to 96 hours and must decide by Wednesday whether to press charges, release him, or let him go free as a witness.
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