Direct Impact of US Tariffs on Russia is Minimal — Central Bank Chief

According to Elvira Nabiullina, Russian exports to the US are insignificant

Russian Central Bank Governor Elvira Nabiullina Sofya Sandurskaya/TASS

© Sofya Sandurskaya/TASS

MOSCOW, April 25. /TASS/. The effect of import tariffs growth in the US is minimal for Russia and it is manifested indirectly, Central Bank chief Elvira Nabiullina said at the press conference after the Board meeting.

"The situation is different for Russia. Russian exports to the US are insignificant and there is no need to stimulate the domestic demand in lieu of the shortfall in the international demand. So this effect is direct for us, it is minimal. The effect of tariffs is showed more indirectly for us, I have already talked about that, in the first instance through weaker international demand and the decline in global commodity prices," Nabiullina said.

This is actually a proinflationary risk for Russia, rather than a disinflationary risk as in Japan or China, she stressed.