Russia's key interest rate was raised to 21% in October, but that might not be an effective tool in fighting inflation, a top bank chief said.

Russia's sanctions-hit, militarized economy is expected to slow next year and banks' profits will fall, while the benchmark interest rate may climb to 23% by the end of this year, Andrei Kostin, CEO of Russia's second-largest lender,

The next U.S. administration may make an effort to ease tensions with Moscow but Western sanctions are unlikely to be lifted any time soon, Andrei Kostin, the CEO of Russia's second-largest bank, VTB,

Despite a raging war, both Russia and Ukraine have seen economic growth in 2024 — about 3.6% for Moscow and 3% for Kyiv — British officials said, though Russia’s increase was likely driven by government spending heavily tilted toward the defense sector.

A top Russian banker said last week that he expects Russia's economic growth to slow next year.

Russian President Vladimir Putin has approved a record-breaking defense budget, setting aside a staggering third of the government’s total spending as the war in Ukraine drains resources from both sides nearly three years on.