Russia’s central bank has left its benchmark interest rate at a record 21%, holding off on further increases despite high consumer inflation fueled by the Kremlin’s war against Ukraine.

Announcing tough sanctions against Russian oligarchs over the war in Ukraine was step one.

European governments are moving against Russian oligarchs to put pressure on Russian President Vladimir Putin to back down on his war in Ukraine, seizing superyachts and other luxury properties from billionaires on sanctions lists.