Analysts and businesses had expected a sharper key rate cut, but inflationary risks are holding back monetary easing, which the Russian regulator gingerly links to the war.

The Bank of Russia's board of directors will consider the key rate at its next meeting on June 19

The NBU kept its key rate at 15% on June 18, warning it stands ready to raise it if underlying price pressures continue to build, even as a $13 billion aid inflow is expected in…