German Gref, chief executive of Sberbank, has renewed his public appeal for the Bank of Russia to lower its key interest rate, arguing that the central bank’s aggressive tightening cycle has begun to suffocate economic activity.
Gref, who leads Russia’s largest lender, contends that policymakers have applied excessive pressure in their fight against inflation, risking a deeper slowdown in credit and consumption.
The intervention by Gref signals growing friction between the banking sector and monetary authorities in Moscow.
As the head of the country’s dominant financial institution, his views carry significant weight in shaping market expectations for the next policy meeting.
Lenders are increasingly concerned that high borrowing costs are dampening loan demand and weighing on corporate profitability, particularly in sectors sensitive to financing conditions.
Gref’s comments arrive amid a broader global trend where major financial institutions are urging central banks to pivot toward easing.