Bank of Russia governor dismisses talk of recession

Cooling growth should not be confused with a contraction, Elvira Nabiullina has said

Russia is not in recession, central bank governor Elvira Nabiullina said on Thursday, adding that a slowdown in growth should not be mistaken for an outright contraction.

Since the Ukraine conflict escalated in 2022, Russia has operated under sweeping Western sanctions. The economy, however, has proved resilient, with GDP expanding 4.1% in 2023 and 4.3% in 2024. Growth is expected to slow to 2.5% this year, with the central bank’s forecast even more cautious, at 1-2%.

Nabiullina said Russia was experiencing an economic slowdown but not a recession, stressing…

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