Russian Offensive Campaign Assessment, September 11, 2026 - Institute for the Study of War

The Russian Central Bank, along with its Chairwoman, Elvira Nabiullina, appears to be advocating for a more cautious monetary policy amidst rising inflationary pressure. The Russian Central Bank announced on September 11 that it decided to keep the key interest rate at 14 percent after lowering the rate 10 times over the past 18 months.[1] The Central Bank noted that price pressure has intensified in recent months and that price growth acceleration is between five and six percent due to temporarily decreased production capacity in certain sectors. The Central Bank estimated that annual inflation will range between six and seven percent in 2026 and will return to four percent in 2027.