(Reuters). Russian consumer inflation will accelerate to its highest point since 1999 by 2022. However, the West’s sweeping sanctions are expected to cause Russia’s deepest recession since 2009, according to a Reuters poll.

The West has imposed unprecedented sanctions on Russia to punish it for its “special military operation” against Ukraine that began Feb. 24, and have caused economic confidence to plummet.

According to 15 polled analysts, the Bank of Russia’s key interest rate will remain unchanged at 20% for the April 29 Board meeting. This is despite having raised its rate in an emergency situation in February.

Although the central bank expects to reduce the key rate from 16% to year-end by now, rates will remain high to prevent consumer inflation which can cause a decline in living standards.

According to the poll, 2022 will see inflation rise to 23.7%. That’s far more than Russia’s goal of 4%. In late January, a similar poll predicted that 2022’s inflation would be 5.5%.

Reuters’ February poll of Russia’s major economic indicators was canceled due to uncertain economic prospects.

According to the poll, 7.3% of the economy’s growth is expected this year. This indicates a shift in market expectation for 2.5% economic growth.

Capital Economics predicted that Russia would experience a deep 12% economic contraction.

Inflation risks are increased and financial chaos can be caused by volatility. Moscow Trade on March 10 saw the Russian currency drop to 120 for every US dollar. However, it recovered and was back at around 83.50 Thursday.

We expect the rouble will anchor in a range between 80-85 to dollar in April.” Mikhail Vasilyev (chief analyst at Sovcombank), stated that uncertainty will still be present in relation to the exchange rate of the ruble.

According to polls, the Russian ruble will trade at 97.50 per dollar in 12 months.