Atradius Research | Using a policy of fiscal austerity and credible inflation targeting, the Russian government has successfully insulated its economy from external shocks, including sanctions. Despite its success, the ‘Fortress’ strategy has also come at a cost: discontent among the population is growing over stagnating economic growth and declining real incomes. If Russia is to raise its income level, more robust reforms are needed to overcome structural impediments to…

Angela Freyre (Julius Baer) | Russia’s central bank slashed its benchmark interest rate to a post-Soviet low as the economy enters a deep recession fuelled by the fall in oil prices and the coronavirus pandemic. The bank lowered its key rate by 100 basis points to 4.5%, following a 50 basis-point cut in April.