Head of Russian Central Bank: Direct impact of US tariffs on Russia is minimal

(Patria) - The effect of increased import tariffs in the United States is minimal for Russia and manifests indirectly, said Central Bank Governor Elvira Nabiullina, TASS reported.

"The situation is different for Russia. Russian exports to the US are insignificant and there is no need to stimulate domestic demand in relation to the lack of international demand.

Therefore, this effect is direct for us, it is minimal," said Nabiullina.

"The effect of tariffs is showing for us more indirectly, I have already spoken about this, primarily through weaker international demand and falling global commodity prices," she added.

This is actually a pro-inflationary risk for Russia, not a disinflationary risk as in Japan or China, said Nabiullina.