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Russian officials and business leaders met at an economic forum this week. Russia's main interest rate is at 21% and could be hiked further still. Officials and business leaders shared pessimistic economic outlooks for 2025 at the Russian Economic Forum, held this week in Chelyabinsk, in central Russia. Andrei Klepach, chief economist at the state-run development entity VEB.RF, predicted that economic growth would fall from an estimated 2.5% to around 2% in 2025. Some, he said, would benefit from a subsidized interest rate of 1% to 5%.
Persons: , Andrei Klepach, Alexander Shokhin, Shokhin, Mikhail Mishustin, Alexander Novak, Kirill Tremasov Organizations: Service, Russian Economic, Central Bank of Russia, Industrialists, Russian, Russia's Locations: Chelyabinsk, Russia, Ukraine, Russian Union, Russian
REUTERS/Maxim ShemetovSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Feb 27 (Reuters) - Russian banks and politicians have played down the latest foreign sanctions on Russian lenders, promising speedy solutions to any problems with clients' foreign currency dealings. Those sanctioned last week have responded in a largely relaxed manner, with some saying disruption will be limited and others restricting foreign currency transactions or suspending euro trading on brokerage accounts. Russia's major banks have rallied after an initial hit from last year's Western sanctions and now jostle for business from the state, particularly a burgeoning defence budget, and big corporate accounts. Sanctions have mostly hurt Russians wanting to travel abroad or hold foreign currency. Alexander Shokhin, Russia's top business lobby chief, was more cautious, saying the situation could change rapidly, and that Russian banks needed to act pre-emptively.
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