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Bank of Russia’s Business Climate Index equalled 0.2 p after 1.5 p in the previous month. Current output and demand estimates of

Bank of Russia cuts the key rate by 50 bp to 15.50% p.a. On 13 February 2026, the Bank of Russia Board of

0 p 45 balance of responses (p, SA) (January 2026) Construction 31.9 p 98 Industrial production 24.2 p 97 Services 31.1 p

p.a. 13.6 13.0 12.1 11.5 household loans % p.a. 17.5 16.9 16.6 16.3 corporate loans % p.

s Business Climate Index came in at 1.7 p in January 2026 vs 2.6 p in the previous month. The indicator’s decline

financial products P assets that are the subject of reserves collateral Increase of costs Limitation of insurance Destruction or impairment of coverage P assets owned

of Russia cuts the key rate by 50 bp to 16.00% p.a. 19.12.2025 Statement by Bank of Russia Governor Elvira Nabiullina

not met, a 1 percentage point (p.p.) increase in the output gap leads to a 0.0177 p.p. acceleration in monthly cyclical inflation.