Overview

• Economy Minister Maxim Reshetnikow said the government will cut its 2.5% growth forecast after activity cooled faster than expected.
• A recent central bank report shows GDP fell for two consecutive quarters, a common marker of a technical recession.
• Sberbank chief German Gref described the second quarter as technical stagnation, said July and August growth was near zero, and pressed for rate cuts to about 12%.
• Putin told the Eastern Economic Forum that Russia needs a soft landing, opposing rapid easing while acknowledging strains in some sectors.
• The policy rate peaked at 21% during the shock and now stands at 18%, with elevated prices and war-focused spending weighing on civilian industries under sanctions.