The Bank of Russia decided on the 24th to cut its key policy rate by 25 basis points to 14.00 percent. A Reuters poll had mostly expected a hold, making this a surprise cut. The central bank lowered its 2026 economic growth forecast to zero to one percent from the previous 0.5 to 1.5 percent, and raised its inflation outlook to 6.0 to 7.0 percent from 4.5 to 5.5 percent, citing a sharp rise in fuel prices. The June consumer price index rose 6.0 percent year-on-year, and household inflation expectations have reached their highest level since the turmoil immediately after the start of the Ukraine invasion. There had also been views that President Putin was intensifying pressure for rate cuts.