Sberbank CEO Calls Russian Economic Growth a Miracle
Sberbank CEO German Gref stated that Russias continued economic growth is unexpected given a 14.5 percent interest rate and a strong rouble. While growth is forecast at 0.4 percent this year, Gref warned that four quarters of declining investment remain a worrying trend for the economy.
Sberbank CEO German Gref characterized Russia's continued economic expansion as a "miracle" during the St. Petersburg International Economic Forum on Friday morning. The $3 trillion economy is forecast to grow 0.4% this year following a slowdown to 1% in 2025 from 4.9% in 2024. This resilience despite a 14.5% interest rate suggests the economy is absorbing the impact of Western sanctions more effectively than anticipated.
### Monetary Pressures and Growth Constraints Gref noted that maintaining momentum remains difficult under current monetary conditions. The economy shrank 0.2% in the first quarter of 2026 as high borrowing costs and currency strength weighed on output.
