RUSSIAN CENBANK cut its policy rate 25bp to 14.25%, smaller than analysts' ~50bp expectation. The bank said fiscal policy over the next three years will be looser than previously assumed and flagged that looser budgets combined with a decline in fuel output pose upside risks to inflation. It cited intensified Ukrainian drone attacks on refineries and energy and transport infrastructure that have pushed gasoline prices up, disrupted regional fuel supplies and temporarily reduced motor-fuel produc

RUSSIAN CENBANK cut its policy rate 25bp to 14.25%, smaller than analysts' ~50bp expectation. The bank said fiscal policy over the next three years will be looser than previously assumed and flagged that looser budgets combined with a decline in fuel output pose upside risks to inflation. It cited intensified Ukrainian drone attacks on refineries and energy and transport infrastructure that have pushed gasoline prices up, disrupted regional fuel supplies and temporarily reduced motor-fuel production.