Putin: Inflation in Russia Hampers Business Planning

Russian President Vladimir Putin acknowledged that inflation in Russia has reached a level that makes it "practically impossible" for businesses to plan. In August, Russian inflation accelerated to 5.15% year-over-year, well above the central bank's 4% target. Despite the current economic challenges, Putin remains optimistic, stating that the nation is not facing anything that is "absolutely insurmountable." Russia's economy has been significantly impacted by western sanctions and the costly invasion of Ukraine, leading to a decline in oil and gas revenue and a deterioration of the economy.