Interest rates around 10% are considered pretty high. Having high interest rates in combination with a heavily regulated and manipulated currency market means that:
1.The national currency will have high value. Countries with higher interest rates have higher valued national currencies.
2.The national currency isn't fully convertible into foreign currencies, which means that the current market value isn't the actual value of that currency. Nobody knows the actual value of the Russian ruble.
I really wish the European Central bank to slowly raise the interest rates to levels around 10%, this would definitely make the euro more expensive, which might make the gas and oil import cheaper.
Increasing the interest rate doesn't make it more valuable, it just makes it more "rare" compared to when it's low interest rate. However, it is not fully gone, it's there, the moment you drop the rates, the money will flood the markets all over again.
It's much better to not print more and more, that's what nations do and if you could stop doing that for a while, then other nations will keep doing it and yours will become more valuable, that's a bit more long term approach that would be better for every nation and would not have a bad side effect. The other parts I agree with, specially the EU one, they need to increase the rates very very quickly, 10% would be lovely and help everyone out.