IMF warns on sanctions impact as Russia cuts rates

Bank of Russia
The Bank of Russia

Russia is grappling with a dilemma brought about by tough sanctions, countersanctions and low oil prices, the IMF said in its latest Article IV assessment of the economy, published today (August 3).

Driven by the depreciating ruble and countersanctions imposed on food imports, Russia's inflation has been high this year – hitting 15.8% in July, up from 15.3% in June. At the same time, the IMF expects real GDP to contract by 3.4% this year.

In the face of these issues, on July 31, the Bank of Russ

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