Spain's central bank on Tuesday lowered its economic growth forecast for this year and next due to the impact of inflation stoked by Russia's invasion of Ukraine, and said the pace of recovery had already slowed down in the first quarter. Inflation is projected to rise to 7.5% in 2022.
Civil Guards stand by the yacht called Tango in Palma de Mallorca, Spain, Monday April 4, 2022. U.S. federal agents and Spain's Civil Guard are searching the yacht owned by a Russian oligarch. The yacht is among the assets linked to Viktor Vekselberg, a billionaire and close ally with Russia's President Vladimir Putin, who heads the Moscow-based Renova Group, a conglomerate encompassing metals, mining, tech and other assets, according to U.S. Treasury Department documents.