Russia's central bank on Friday warned of possible interest rate hikes ahead if inflation risks rise, as it held its key rate at 11 percent after a fresh oil price drop.

"On the backdrop of yet another oil price slump, monthly consumer price growth rates stabilised at a high level, with a higher risk of accelerated inflation," the Bank of Russia said in a statement after its latest board meeting, warning "should inflation risks amplify, the Bank of Russia cannot rule out a tightening of its monetary policy."