Business leaders, represented by Alexander Shokhin of the Russian…
Business leaders, represented by Alexander Shokhin of the Russian Union of Industrialists and Entrepreneurs (RSPP), expressed concern that the Central Bank might raise its key interest rate in response to rising fuel prices, arguing such a move would be inappropriate given non-monetary factors driving inflation. They called for monetary policy prudence amid ongoing fuel market instability.
Consensus
- Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs (RSPP), stated that business expects the Central Bank not to raise the key interest rate due to rising fuel prices.
- Shokhin described attempts to combat fuel price increases through higher interest rates as 'frontal' or inappropriate.
- Business leaders expressed hope for prudence from monetary authorities in handling inflation pressures related to fuel markets.
- The situation with fuel prices is considered problematic and influenced by factors such as attacks on oil refineries, logistical changes, and seasonal demand growth.
- Russia has implemented measures including a temporary ban on diesel, ship fuel, and gasoil exports until July 31 to stabilize the domestic market.
Points of divergence
- Prices for gasoline in Russia increased by 6.88% from May to June according to Rosstat; prices decreased slightly in November and December 2025. — vm
- Average gasoline price rose by 13.9% year-to-date, with the government partially stabilizing the market despite ongoing challenges due to logistics changes and a 30% increase in seasonal demand compared to last year. — vedomosti
- Fuel shortage has been observed since late May; median prices for AI-92 and AI-95 gasoline rose by 20% and 24% respectively during the first ten days of July, according to Chek Index. — kommerstant
- The Central Bank reduced the key rate from 14.5% to 14.25% at its June 19 meeting — the ninth consecutive reduction — and noted that room for further easing has diminished. — vedomosti
- Shokhin stated on July 7 that the Central Bank might consider raising rates, though he deemed it incorrect; however, at the July 24 meeting, the bank could maintain the rate or even raise it. — kommerstant
Coverage (3 sources)
- RSPP Head Shokin: Business Expects Central Bank Not to Raise Key Rate — Вечерняя Москва
- Shokin calls on the Central Bank not to raise key rates due to fuel prices — Ведомости
- Shokin calls on the Central Bank not to raise key rates due to fuel price hikes — Коммерсантъ
Key entities
- Shokhin
- CB
- RSPC
- Coordination Council of Regional Employers' Unions
- Bank of Russia
- Far Eastern Federal District
- Business
- Central Bank
- Russian Union of Industrialists and Entrepreneurs
- Alexandr Shokhinna
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