Putin’s Central Banker Under Fire to Cut Record-High Rates

The Bank of Russia’s governor, who was praised for helping save the country’s economy after the invasion of Ukraine, is facing mounting pressure to reverse course on record-high borrowing costs amid worries over their toll on business.

The government expects Elvira Nabiullina to reduce the benchmark rate as the effect on the budget and civilian industries becomes more apparent, three officials familiar with the situation said, declining to be identified as the information is not public. Some are calling for the cut to come at the next central bank meeting on Friday.