Russian Central Bank Lowers Key Rate From 14.25% to 14%

July 24, 2026 Elvira Nabiullina, Governor of Russian Central Bank. REUTERS / Anastasia Barashkova Russia's Central Bank lowered its key interest rate from 14.25% to 14% on Friday as it continues down a cautious path of monetary easing despite concerns that Ukrainian attacks on Russian oil refineries and commercial sites will fuel a renewed inflation surge. The 25-basis-point cut was not guaranteed. While some analysts had predicted a "cosmetic" lowering, others leaned toward the possibility of the Central Bank leaving its key rate unchanged due to disruptions to domestic oil refining capacity and higher fuel costs, as well as a tightening labor market. Since hiking borrowing costs to a two-decade high of 21% to tame wartime inflation, policymakers have gradually eased the key rate amid mounting signs of an economic slowdown. Friday's rate cut marks the tenth since October 2024. Russia has been grappling with weaker oil and gas revenues and rising government spending, largely linked to its wartime economy. The growing deficit has fueled concerns about the sustainability of state finances after the government missed its budget targets by a wide margin last year. This is a developing news story. Read more about: Central Bank Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Inflation in Russia Has Likely Peaked and Rate Cuts May Start in June – Analysts Rencap expects rate cuts to commence in June, bringing the rate down to 16% by year-end. 6 Min read Russia’s Sberbank Expects 22-23% Key Rate Hike Central Bank Governor Elvira Nabiullina has warned of “more drastic changes” in monetary policy amid stubborn inflation. 1 Min read Russia’s Central Bank Acknowledges ‘Short-Term’ Impact on Ruble Exchange Rate Philipp Gabunia, deputy chair of Russia’s Central Bank, said the bank had taken sufficient measures to stabilize the ruble. 1 Min read Russian Central Bank Halts Currency Buying Until 2025 as Ruble Slides The suspension comes as the ruble traded as low as 113 to the dollar for the first time since March 2022. 1 Min read