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Russian economic news on 6 November centres on the central bank's reassessment of overheating, a rebound in budget oil and gas revenue, and continued state control over fertilizer exports and export proceeds.
The Bank of Russia said in its key-rate discussion summary that the economy grew moderately in Q3 2026 and returned to a positive output gap, where aggregate demand exceeds production capacity. The regulator said domestic demand kept growing while supply capacity in some sectors was temporarily constrained, and that stronger persistent inflationary pressure points to a demand-supply imbalance. It raised its 2026 GDP growth forecast to 0.5-1.0%. For foreign businesses, the assessment signals that monetary conditions are likely to stay tight while the gap closes.
Source: Kommersant, 5 Nov 2026
Federal budget oil and gas revenue reached 971 billion rubles (about $11.9 billion) in October, the highest this year. That is double the September figure and 9% above October 2025, helped by the quarterly additional income tax payment and Urals prices averaging $92 per barrel in September. Over January-October, revenue totalled 6.442 trillion rubles, 14% lower than a year earlier, and the Finance Ministry cut its 2026 forecast by 1.34 trillion rubles to 7.58 trillion. Daily yuan purchases under the fiscal rule rise to 15.6 billion rubles from 9 November to 4 December, from 12.1 billion in the previous period.
Source: Kommersant, 6 Nov 2026
The government extended non-tariff export quotas on mineral fertilizers outside the Eurasian Economic Union for 1 December 2026 to 31 May 2027. The total quota is about 18.8 million tonnes, including more than 11.3 million tonnes of nitrogen fertilizers and more than 7.5 million tonnes of complex fertilizers. The current quota, valid until 30 November, is 20 million tonnes. The quotas were introduced in December 2021 to contain food price growth and have been extended repeatedly, so exporters and buyers should plan for continued volume limits.
Source: Interfax, 6 Nov 2026
Rosfinmonitoring head Yury Chikhanchin told President Vladimir Putin that 99.5% of funds due from export sales return to Russia, and 87% of settlements are made in national currencies. The agency has identified cases of circumvention within groups of affiliated companies. According to Chikhanchin, its control mechanism has returned about 46 billion rubles (roughly $0.6 billion) to the state. The mandatory repatriation and conversion rules, in force since October 2023, remain actively enforced for exporters.
Source: Interfax, 6 Nov 2026
Gold trading on the Moscow Exchange reached a record 52.2 tonnes worth 573.4 billion rubles (about $7.0 billion) in October. In value terms this is 1.7 times the level of October 2025. Total precious metals turnover in the main trading mode was 590 billion rubles, the highest monthly result in the market's history, against the previous record of 557.1 billion in September. The exchange said more physical metal transactions are moving to organised trading, which widens domestic market depth.
Source: Interfax, 6 Nov 2026
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