Bank of Russia to decide on key rate on Friday

The Board of the Bank of Russia will decide on its key interest rate on Friday, 24 July. At its previous meeting on 19 June, the bank cut the rate by 0.25 percentage point to 14.25 percent, a more cautious move than some analysts who had expected a larger reduction.

The central bank has flagged inflation risks from higher energy prices following the war in West Asia, as well as strikes on domestic refineries. Russia, as a major sanctioned oil exporter, is alongside Iran part of the oil supply equation and the discounted export routes to the Asian market.