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.
The Bank of Russia signalled a long period of tight policy, while inflation data, a proposed windfall tax and a weaker payment record shaped the economic picture.
Bank of Russia Governor Elvira Nabiullina told the State Duma that the base scenario of the main monetary policy guidelines sees the key rate falling but remaining in double digits throughout next year. She said the regulator is determined to bring inflation down and that excessive demand growth could accelerate it. The board held the rate at 14% on 23 October, the second consecutive pause in the easing cycle, which signals that borrowing costs for businesses will stay high.
Source: Vedomosti, 9 Nov 2026
Raiffeisenbank estimates annual inflation at 6.85% at end-October and 6.8% on 2 November, attributing the late-October acceleration to last year's base effect. It names fuel as the main factor behind further slowing, with annual fuel price growth down to 14%. PSB's analytical centre notes that food prices, including meat, eggs, fish and dairy, keep rising, which it links to strong domestic demand and supply constraints. Nabiullina cited those supply constraints, including attacks on refineries and industrial sites, as the reason for cautious rate cuts.
Source: Kommersant, 10 Nov 2026
The Russian Steel association opposes the proposed windfall tax on iron ore, according to a letter to State Duma Speaker Vyacheslav Volodin cited by Interfax. The group argues that using 2025 as the base year distributes the burden unevenly. The bill passed its first reading on 29 October. It sets a 30% rate, 20% for gold miners, on price gains of at least 10% above the 2025 average. Mining and metals investors should watch how the base year is set in later readings.
Source: Vedomosti, 9 Nov 2026
The National Wealth Fund rose by 70.7 billion rubles in October to 13.055 trillion rubles (about $162 billion), or 5.6% of projected GDP, the Finance Ministry reported. The liquid portion held at the central bank stands at 3.578 trillion rubles, or 1.5% of projected GDP. Finance Minister Anton Siluanov said on 21 September that the government plans to add 600 billion to 1 trillion rubles to the fund in 2026 and aims to hold the budget deficit near 2% of GDP.
Source: Vedomosti, 9 Nov 2026
A SPARK-Interfax study cited by Vedomosti finds that payment discipline worsened moderately in the second quarter of 2026, with a wider gap between sectors. The share of companies without overdue payments fell to 77.2% from 83.8% in the fourth quarter of 2025, below 2021 levels. Infrastructure and logistics weakened, while budget-dependent sectors and consumer services improved. Foreign suppliers working with Russian counterparties in logistics and infrastructure face higher counterparty risk.
Source: Vedomosti, 10 Nov 2026
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