What Kommersant, RBC, Vedomosti, Interfax and Forbes Russia report — selected and summarized in English every morning, for readers who don't read Russian. Analysis-grade sourcing, no wire rehash. Data context in the Russia Terminal. Also: Central Asia Digest · Caucasus wire.
Russian economic news on 22 October centres on the central bank's rate decision due on Friday, slowing weekly inflation, a sharp rise in producer prices and further steps in the sanctions-driven sale of LUKOIL's foreign assets.
Analysts polled by Interfax agree that the central bank will keep its key rate at 14%, with disagreement only over whether the signal stays neutral or turns tighter. The regulator left the rate unchanged on 11 September after ten consecutive cuts. Household inflation expectations fell in October to 13.2% from 14.2%, while deputy governor Alexei Zabotkin said the forecast for 2026-2027 will account for lost production capacity and third-quarter inflation that came in slightly above expectations. SberCIB Investment Research sees room for rate cuts in 2027.
Source: Interfax, 21 Oct 2026
Rosstat reported consumer price growth of 0.05% for 13-19 October, after 0.11% the previous week. Prices have risen 1.06% since the start of October and 6.15% since the start of the year. Annual inflation slowed to 7.15% from 7.22% a week earlier (Ministry of Economic Development method), compared with 6.35% at the end of September. Gasoline prices fell 0.7% on the week but remain 20.5% higher since January.
Source: Interfax, 21 Oct 2026
Rosstat reported that industrial producer prices rose 2.5% month on month in September, after 0.9% in August. Analysts surveyed by Interfax had expected 0.6%. Prices in mining jumped 10.5%, and in oil and gas extraction 14.7%. Manufacturing prices rose 0.8%. The reading matters for foreign industrial buyers exposed to Russian input costs.
Source: Interfax, 21 Oct 2026
OFAC extended, from 22 October to 21 November, the licence allowing negotiations on the sale of LUKOIL International GmbH, which holds the company's foreign assets. Any deal still requires separate OFAC approval. The earlier agreements with Gunvor and with Carlyle did not receive US approval. Transactions involving LUKOIL's filling stations outside Russia and its Bulgarian assets are approved until 24 April 2027. OFAC sanctioned LUKOIL on 22 October 2025.
Source: Interfax, 21 Oct 2026
NOVATEK CEO Leonid Mikhelson said the company intends not only to supply LNG to Vietnam under its cooperation with PetroVietnam, but also to build receiving projects there. The first stage under discussion is 1 million tonnes per year. Mikhelson said the sides are close to an agreement. The plan would extend NOVATEK's LNG business into Asian import infrastructure.
Source: Interfax, 22 Oct 2026
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