Economy
Russia’s economy contracts for first time since 2023 PRO Members Public
As experts have been predicting for months, Russia’s economy has entered a contraction. On Wednesday, the Economic Development Ministry published the first official GDP figures for the first quarter of 2026, showing that the economy shrank by 0.3% year-on-year. It was the first quarterly fall since early 2023.
Central Bank cuts rates again PRO Members Public
Russia’s Central Bank has cut its base rate for the eighth time running — this time by a cautious 0.5 percentage points to 14.5%. This was in line with consensus expectations, although some economists anticipated a more decisive cut amid high oil prices and falling inflation. * In its
Russia boosts spending in expectation of oil windfall PRO Members Public
The government is gambling on future oil profits rather than waiting for them to actually materialize, the latest budget statistics published by the finance ministry indicate. * Russia’s budget deficit from January to March was 4.58 trillion rubles ($60 billion, or 1.9% of GDP). That’s almost twice
GDP keeps falling PRO Members Public
Russia’s economy contracted by 1.5% year-on-year in February, the second successive month when annualized GDP was in the red. In January, GDP was down 2.1%. Economic Development Ministry figures show over the first two months of the year, the economy is 1.8% smaller than it was
Rate cut number seven PRO Members Public
Russia’s central bank on Friday cut its key rate by 50 basis points to 15%. “The economy is approaching a balanced growth trajectory. In February, price rises slowed as expected after a temporary surge in January. The Bank of Russia estimates that price inflation will continue at a stable
GDP data — what it reveals, what it conceals PRO Members Public
Russia’s economy grew by 1% in 2025, the Rosstat federal statistics agency reported this week. At the same time, it revised up its figures for previous years, increasing its estimate for growth in 2024 to 4.9% and 2023 to 4.1%. After those numbers, an annual expansion of
Top construction firm asks state for help PRO Members Public
Russia’s construction sector has become the first victim of ongoing high interest rates. Samolet, the country’s biggest construction firm, has appealed to the government for cheap credit to help it out of its tough financial situation. * Samolet, the largest developer in terms of square footage under development (4.
All eyes on inflation again PRO Members Public
Prices have already risen by almost 2% since the start of the year. Although data shows the pace of inflation on a weekly basis has slowed from the very high rate of 1.2% to 0.19% (Jan. 20-26), the economic authorities are still on high alert. * Prices are rising
Starting the year in the red PRO Members Public
Russia kicks off the year with a significant budget deficit, Deputy Finance Minister Vladimir Kolychev has warned. Weak oil-and-gas revenues as well as start-of-year advance payments are putting pressure on Moscow’s coffers from the off. But this year’s problems seem more intense than usual. * Oil remains cheap and
Foreign banks in Russia after four years of the war PRO Members Public
After the invasion of Ukraine and the sanctions shock of 2022, foreign banks massively reduced or completely halted their operations in Russia. The vacant market niches were quickly occupied by Russian players, but a significant number of foreign subsidiaries continue to do business in Russia, albeit in a very different
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The Bell was founded in 2017 by journalists Elizaveta Osetinskaya, Irina Malkova and Peter Mironenko as a news outlet independent from the Russian authorities, after its founders have been sacked as top editors at the largest Russian news website RBC because of pressure from the Kremlin.
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