Overview

• Finance Minister Anton Siluanow told President Vladimir Putin the 2025 GDP forecast was trimmed to about 1.5% from 2.5% on Aug. 27.
• Bank of Russia figures show the credit stock rose by roughly 1.7 trillion rubles in July to 150 trillion, while annual growth decelerated to about 10.1%, the slowest pace since 2021.
• The regulator labeled household lending weak and corporate lending moderate, citing restrictive policy after a peak key rate of 21% that has since been cut to 18%.
• Households prioritized repaying existing obligations in July and showed limited appetite for new borrowing, according to the central bank.
• Reports point to mounting sector stress with insolvency risks in drones and coal, falling oil receipts, and private talks about possible recapitalization at some systemically important banks.