December 2014 ruble crisis rate shock
The Bank of Russia hiked its key rate from 10.5% to 17% in a single emergency move on December 16, 2014, as the ruble collapsed amid falling oil prices and Western sanctions over Ukraine. It was the sharpest single-day hike in the bank's modern history.
The ruble stabilized within weeks, but the economy entered a deep recession in 2015.
The episode cemented Nabiullina's reputation for aggressive, inflation-first policy.
Shows the bank's willingness to use sharp rate moves to defend the currency and control inflation.
