It's a very pretty conspiracy theory from some blogger bloke, but unless he's willing to call a whole swath of economists from the Austrian school to Keynes liars/conspirators who are the, ahem, "ruble's worst enemies," I think he needs to work on his premise. You see, there's one tiny flaw with his premise on why inflation is an active consequence of an inflation rate hike, which is, again, the exact opposite of actual monetary policy theories at the worst, and at best, irrelevant. Contrary to his statement, his hypothetical Orlov the Widget-Maker does not need to take a loan at 10.5% interest from the central bank; he could decline to take a loan at all, or take one from a private bank. You see, when the central bank puts out a loan, typically, it's "creating" the money - putting it into circulation, if you will. When the loan is paid back, it's "destroyed" - removed from circulation. Increasing interest rates on loans is effectively a way to reduce the increase in currency in circulation, which is a contributing factor in inflation. There are problems with the theory, certainly, but it's not malice, and it's not a way to encourage speculation to profit off the suffering of others. At the very worst, the Central Bank is being naive, but then, they're not the only ones in that case, and a whole lot of economic theories are going to need to be reworked.
I do think that the Central Bank is going to cop the blame, though, if things get too much worse. The troika's not big enough, the horses aren't fast enough, and if the howling get close enough...
EDIT: Tweaked the last metaphor. We haven't even seen the wolves yet; it's all just howling.