As part of her campaign to pressure for a halt or slowdown in military spending in Russia, as has been reported in Russian and Western media, Central Bank governor Elvira Nabiullina announced on Sept. 11 that the key rate would be kept at 14%. She deployed the standard monetarist arguments that high rates are needed to slow inflation, and then threatened that “every additional ruble” of state spending, especially military spending, “moves the Central Bank further away from cutting the key rate,” in the words of TASS.

The government budget for fiscal 2027 is currently under review, with Finance Minister Anton Siluanov announcing that it would be completed by the end of September, and then submitted to the State Duma by October 1.