MOSCOW

Russian Economic Development Minister Maxim Reshetnikov said that they see risks of overcooling in the Russian economy.

Speaking at the Duma, the lower house of the Russian parliament, Reshetnikov said that inflation has declined to 3-4% on an annual basis in recent weeks, adding: “Recently, weekly data on inflation is not much different from monthly data, and fluctuations in data have also decreased.”

Stressing that this situation should be taken into account in the decisions of the Central Bank of Russia regarding monetary policy, he said: “Because in the current conditions, we see the risks of overcooling of the economy.”

Alexander Shohin, the president of the Russian Union of Industrialists and Entrepreneurs (RSPP), said on May 20 that the danger of technical recession in the Russian economy has increased.

Due to rising inflation, the Central Bank of Russia raised its policy rate by 200 basis points to 21% in October 2024, an all-time high.