The Russian economy has entered technical stagnation, according to Sberbank's director, German Gref, who emphasizes that economic recovery is unlikely under current conditions.

At the Eastern Economic Forum, German Gref stated that the Russian economy entered technical stagnation in the second quarter of 2025, with clear signs of stagnation in July and August. The key interest rate is a crucial factor, estimated at 14%, insufficient to stimulate economic recovery, which would require a rate of 12% or lower. Gref warned that a controlled cooling of the economy is necessary to avoid a transition into recession, which would hinder the resumption of economic activity.