Russia’s central bank (CBR) raised interest rates by 2% to 18% due to accelerating inflation over the past six months, deviating from earlier plans to ease rates in H2 2024. The CBR stressed that controlling inflation is paramount and indicated readiness to tighten further if necessary. Additionally, the bank revised its 2024 GDP growth forecast downward from 3.5-4% to 2.5-3.5%.