Double-digit Inflation Prompts Russia To Raise Wages, Pensions

The federal Russian government will increase minimum wages and pensions from June 1 as it seeks to counter the effects of double-digit inflation closely linked to Western sanctions. Inflation in Russia stood at an annual 17.83 percent in April, according to official statistics, and 1.14 percent on a monthly basis. The United States, the UK, and the European Union have all imposed sanctions on Russia and Russian citizens and entities, and while some of these are largely symbolic, such as banning high-ranking officials from traveling to certain countries,…