Alexander Shokhin

Russia’s central bank reduced interest rates by a quarter-point to 14%, slowing its pace of cuts amid pressure from businesses and inflation concerns. The economy faces stagnation, with annual inflation at 5.9% and growth forecasts at 0.4% for the year, driven by war-related spending and disruptions like Ukrainian drone attacks on infrastructure.

Alexander Shokhin, president of Russia’s largest business lobby group, has been appointed as the new head of a revamped business ombudsman office under the Kremlin. The role, often referred to as 'Business Tsar,' involves overseeing relations between the government and private sector.