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Frankfurt,
EU countries imposed tough sanctions on Russia after the war on Ukraine began. Due to the sanctions imposed on crude oil imported from Russia, there have been impacts including fuel shortages and price hikes in the European Union.
In the European Union, prices have increased by 8.5 percent this year compared to last year. As a result, inflation has increased for the 3rd time in the last January alone in EU countries.
To deal with this, the European Central Bank has raised interest rates by 0.5 percent. As a result, the interest rates for core re-lending activities, alert level loans and deposits have increased to 3, 3.5 and 2.5 per cent respectively.