MOSCOW, June 4. /TASS/. The Russian business community is hopeful that the Bank of Russia will begin lowering the key interest rate at its upcoming policy meeting, as macroeconomic indicators now justify such a move, President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin said in an interview with TASS.

"Business is hoping the key rate will start to come down. There are both macroeconomic arguments and more subjective ones, based on business sentiment surveys, but those are no less important. Official statistics already show a slowdown in inflation: as of May 26, the annual consumer price index stood at 9.78%, and just 0.21% since the beginning of the month. Surveys from the Russian Union of Industrialists and Entrepreneurs confirm the positive trend - in May, fewer respondents said prices had risen, and more reported that procurement costs had remained unchanged," Shokhin said.

He pointed out that the high key rate is having a negative impact on the economy. Shokhin noted that the Bank of Russia itself, in its Financial Stability Review published on May 28, 2025, acknowledged that some large corporate borrowers in sectors such as mining, trade, mechanical engineering, and light industry are already experiencing difficulties servicing their debt.

"These figures reflect the fourth quarter of 2024 and the first quarter of this year. Now the second quarter is nearly over, and as we can see, the situation is deteriorating. Investment activity is also under strain, almost 20% of companies surveyed in May reported delays in project timelines, and 14% had to reduce their budgets. Many investment projects that would be viable under ‘standard’ conditions now require government support, and we know those subsidies are being scaled back," he said.

Shokhin added that economic growth in the range of 2-2.5% would be acceptable in terms of meeting Russia’s national development goals. However, he warned that the risk of slipping from modest but acceptable growth into stagnation is becoming increasingly real.