Russia raises rates unexpectedly

The Central Bank of Russia lifted its key refinancing rate by a quarter point to 10.75% for the third time this year on Monday.

The central bank was expected to tighten policy further following the two earlier cuts, but the timing of the move surprised the markets.

"A poor May inflation report and little sign that price pressures are abating put pressure on the central bank's policymakers," said Gintaras Shlizhyus, an analyst at RZB, a bank. "It appears it is finally prepared to reckon with t