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during the pandemic Why industrial companies are shunning investment: survey results Shock-Dependent Exchange Rate Pass-Through in Russia The nature of companies’ inflation expectations: survey results

the summer and autumn, are holding back the pass-through of the current exchange rate weakening. The goods of brands little known to Russian consumers since

and electronic devices. In these conditions, despite the fluctuations of the ruble exchange rate, price growth might be moderate until consumer demand bounces back and

restrictions can further weaken demand for Russian exports, contributing to inflation through exchange rate movements. Moreover, the increasing complexity of production, supply chains and payments

futures contracts on the RTS Index, Russian issuers’ shares, the USD/RUB exchange rate, and Brent crude with various expiration dates (97 contracts in total

and precious metals is converted to rubles using the period average USDRUB exchange rate. Mortgage loans net of claims acquired by banks. Source: Bank of

not imply that we are going to influence the exchange rate this way. The exchange rate remains floating. Speaking of the possible transfer of Russian

restrictions can further weaken demand for Russian exports, contributing to inflation through exchange rate movements. Moreover, the increasing complexity of production, supply chains and payments

services exports (right-hand scale) Real eective exchange rate (right-hand scale) Urals crude price (right-hand scale) Real eective exchange rate (right-hand scale) Sources: Bank of Russia,

raw and other materials as well as components and movements of the exchange rate as the main reasons for the expected growth of prices. Price