Bloomberg: Putin started pressuring Russian central bank chief Nabiullina over key rate

Vladimir Putin is breaking with years of precedent by directly pressuring Russia's central bank to lower interest rates. Bloomberg reports that he made unusually direct comments in July, signaling to Governor Elvira Nabiullina that rate cuts were needed—comments that came just before the central bank cut its key rate by twenty-five basis points to fourteen percent. Officially, the bank insisted the move was independent, but analysts say political pressure is intensifying. One economist noted that the central bank is "bending a little, but not breaking" as Russia's wartime economy grapples with slowing growth and enormous government spending. The real test comes in September, when new inflation data may force another decision.

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