Russia signals slower rate cuts amid high Ukraine war spending (opens in new tab)

In the first quarter, the Russian economy contracted for the first time in three years as non-military sectors struggled under the weight of high borrowing costs and labour shortages. "Economic growth continues at a moderate pace after a temporary decline at the beginning of the year," the bank said in a statement. It signalled that rates might remain elevated for longer due to higher budget spending than previously expected over the next three years. "The persistence of structural primary bu...