Russia’s biggest bank sounds warning about economy

Sber CEO Herman Gref has called for deeper interest rate cuts to spur recovery and avert a recession

The Russian economy is losing steam and needs lower borrowing costs to restore growth, Herman Gref, CEO of the country’s biggest lender Sber, has warned.

Since the escalation of the Ukraine conflict in 2022, Russia has operated under sweeping Western sanctions aimed at isolating the country. Despite the restrictions, the economy has shown resilience, often outperforming forecasts. While GDP expanded by 4.1% in 2023 and 4.3% in 2024, the Economic Development Ministry is projecting growth to slow to 2.5% this year. The central bank, in its…

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