The Russian economy is now showing signs of stabilisation, the central bank's head of monetary policy said on Tuesday, after taking a hit from unprecedented Western sanctions imposed against Moscow.
However, Kirill Tremasov, who oversees the monetary policy at the central bank, said the crisis in Russia is developing along a more gradual trajectory than initially feared.
"We are clearly on a gentler trajectory. We are already seeing signs of stabilisation," Tremasov said.
He spoke ahead of a July 22 board meeting where the central bank is expected to trim its key interest rate from 9.5% to support the economy with cheaper lending.