Russia's central bank has left its benchmark interest rate at 21 per cent, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine. The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy. Factories are running three shifts making everything from vehicles to clothing for the military, while a labour shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices. On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US. High rates can dampen inflation but also make it more expensive for businesses to get th