CMWP – Marketbeat, 3Q 2025

The main theme of the document concerns the economic situation in Russia in the third quarter of 2025.

Key findings include inflation indicators being in the 'green zone', indicating a decrease in inflation compared to previous years. The Central Bank of Russia reduced the key rate twice in the third quarter of 2025. Economic growth slowed down, with GDP showing a decline due to cooling domestic demand and decreased activity in extractive industries. The Russian currency weakened amid worsening geopolitical expectations and declining oil and gas revenues. The federal budget draft for 2026-2028 includes an increase in VAT and changes in tax legislation.