The Bank of Russia held its key rate steady at 14% on September 11 after a series of prior cuts, citing significantly higher current price pressures and underlying inflation accelerating to a 5–6% annualized pace, driven mainly by temporary fuel-market disruptions. Moderate Q3 economic growth, elevated inflation expectations, and an expansionary fiscal stance that could exceed prior assumptions have prompted the central bank to pause easing and await further data, including updated budget projections due by late September. The next meeting on October 23 will incorporate September inflation figures and any signals on structural deficits, supporting trader expectations that the policy rate will likely remain unchanged while leaving limited room for a modest reduction if second-round effects prove contained.