Russia hiked its key interest rate at an emergency meeting following a plunge in the ruble, which triggered rare public infighting between the Kremlin and the central bank as the currency’s decline cast a pall over the economy.

Russian missiles hit at least three cities in Ukraine overnight, according to Ukrainian authorities, killing three people and wounding at least five more in attacks that hit a kindergarten, a sporting hall and an industrial site. A blast in a northern Russia oil field killed two people and injured at least five others on Monday, the state news agency Tass reported.

Ukrainian President Volodymyr Zelenskiy also made an unannounced visit to troops near the Russian-occupied city of Soledar in Ukraine’s east on Monday, as officials in Kyiv said their forces were making military gains in the south.

Latest Coverage

• Russia Hikes Rates at Emergency Meeting After Ruble’s Crash
• Putin’s Aide Blames Central Bank for Weaker Ruble, Inflation
• Dutch F-16s Deployed as Russian Jets Flew Toward NATO Airspace
• Russia Opens Fire to Force Black Sea Cargo Ship Inspection
• Wheat Markets Shrug Off Black Sea Flashpoints as Exports Flow

Markets

The ruble headed for its highest close since Aug. 7 after the central bank raised the key interest rate to 12% from 8.5%. Policymakers had called an extraordinary meeting after the ruble crashed through the level of 100 to the dollar for the first time since March of last year.

Wheat held losses as grain shipments continued from Black Sea ports even as tensions escalated in the key export region.

Coming Up

• Chinese Defense Minister Li Shangfu will visit Belarus on Aug. 16-18

--With assistance from Mark Sweetman.