Sberbank CEO Gref warns Russian economy cooling sharply

September 3, 2026 at 05:14 PM1 min

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Sberbank CEO Herman Gref said Russia's economy has cooled sharply, with growth of just 0.6% in the first half of 2026. He called for stronger state support for growth and investment. Gref said a meaningful turnaround requires market interest rates to fall to 10–12%.

Key Facts

Russia's economy grew only 0.6% in the first half of 2026, far below the central bank's 1.5–2% potential estimate.
Sberbank CEO Herman Gref said the business climate indicator deteriorated noticeably in summer 2026.
Gref said market interest rates must fall to 10–12% before a serious turnaround is possible.
Negative trends were also observed in unemployment, consumption, and fixed capital investment indicators.

Growth Slowdown

Herman Gref, president and chairman of Sberbank, told journalists that Russia's economic growth has slowed excessively. He said the economy expanded only 0.6% in the first half of 2026. The central bank estimates potential growth at 1.5–2% under normal conditions. Gref said the business climate indicator deteriorated significantly in summer 2026.

Policy Response

Gref called on the state to strengthen its policy of supporting economic growth and investment. He said negative trends were also visible in unemployment, consumption, and fixed capital investment. Gref argued that a serious turnaround will not come until market interest rates normalize to a 10–12% range. He added that everyone should now focus on macroeconomic conditions and that business needs help.