THE EFFECTIVENESS OF THE CENTRAL BANK OF RUSSIA’S MONETARY POLICY TOOLS IN TARGETING INFLATION UNDER SANCTIONS
Rubrics: FINANCE
Abstract and keywords
Abstract:
The article focuses on the effectiveness of the Central Bank of Russia's monetary policy instruments during the period of sanctions pressure on the country's economy. It examines the measures taken by the regulator to achieve inflation targets in the face of restrictions on international financial markets and commodity supplies. Special attention is given to the adaptation mechanisms employed by the Bank of Russia to minimize the negative consequences of sanctions and maintain the stability of the national currency. The study is based on an empirical analysis of macroeconomic indicators and statistical data provided by the Central Bank of the Russian Federation. The findings highlight the need for flexible monetary policy and active cooperation between regulatory authorities in order to successfully overcome crises and maintain sustainable economic growth.

Keywords:
monetary policy, inflation, targeting, sanctions
Text
Text (PDF): Read Download
References

1. O Central'nom banke Rossiyskoy Federacii (Banke Rossii): Federal'nyy zakon ot 10.07.2002 № 86-FZ [Elektronnyy resurs] // Oficial'nyy internet-portal pravovoy informacii. — URL: https://www.pravo.gov.ru (data obrascheniya: 27.01.2026).

2. Manushin D.V. Antisankcionnaya i sankcionnaya ekonomicheskaya politika 2022–2025: sankcii, kontrsankcii, problemy importozamescheniya i perspektivy [Tekst] / D.V. Manushin // Nauchnye trudy Vol'nogo ekonomicheskogo obschestva Rossii. — 2024. — № 6. — S. 57–62. DOI: https://doi.org/10.38197/2072-2060-2024-250-6-146-167; EDN: https://elibrary.ru/QIIUFO

3. Aksenov D.A. Targetirovanie inflyacii, effektivnost' kreditno denezhnoy politiki central'nogo banka Rossii v sankcionnoe vremya [Tekst] / D.A. Aksenov // Upravlencheskiy uchet. — 2024. — № 4. — S. 291–296. EDN: https://elibrary.ru/QPOEFE

4. Frumina S.V. Denezhno-kreditnaya politika Banka Rossii v usloviyah sankcionnyh ogranicheniy [Tekst] / S.V. Frumina // EKO. — 2024. — № 4. — S. 183–187. DOI: https://doi.org/10.30680/ECO0131-7652-2024-4-183-202; EDN: https://elibrary.ru/IVOKCX

5. Vklady naseleniya v I polugodii 2025 vyrosli na 6,4%. — URL: https://bcs-express.ru/novosti-i-analitika/vklady-na-se-le-niia-v-i-po-lu-go-dii-2025-goda-vy-ros-li-na-6-4 (data obrascheniya: 30.01.2026).

6. Denezhnye agregaty — ocenka. — URL: https://cbr.ru/ statistics/macro_itm/dkfs/sr_ma_estim (data obrascheniya: 30.01.2026).

7. Dolya vkladov naseleniya v valyute po itogam I kvartala vyrosla vpervye za dva goda. — URL: https://frankmedia. ru/163801 (data obrascheniya: 30.01.2026).

8. Inflyaciya i klyuchevaya stavka Banka Rossii. — URL: https://cbr.ru/hd_base/infl/?UniDbQuery (data obrascheniya: 29.01.2026).

9. Osnovnye napravleniya edinoy gosudarstvennoy denezhno-kreditnoy politiki na 2026 god i period 2027 i 2028 godov. — URL: https://cbr.ru/about_br/publ/ondkp/ on_2026_2028/ (data obrascheniya: 29.01.2026).

Login or Create
* Forgot password?