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services associated with transactions with clients’ financial assets and liabilities, credit rating services, stock exchange services, trust services, bank safe deposit box rentals, and also

new challenges, but rather because — thanks to the fiscal rule and floating exchange rate of the ruble — oil price fluctuations now have a smaller impact

unrealised exchange rate differences due to changes in the official exchange rates, is recorded to the balance sheet account Reserve of unrealised exchange rate differences

Inflation targeting Active inflation Liquidity Transition deadline Key rate Floating exchange announced targeting management set introduced rate introduced Dec 2018 Dec 2019 Sep 2020 communications

in some goods depending on the rouble exchange rate gained momentum. Given that a full pass-through of exchange rate movements to consumer prices is lagged

in the main senders; 2) oil price dynamics; and 3) changes in exchange rates of national currencies. The drop in oil prices and the consequent

5) 2020 Q3 EXPORTS AND OIL PRICE Chart 1 IMPORTS AND RUBLE EXCHANGE RATE Chart 2 Billions of US dollars % YoY Billions of US dollars

have increased, 10 9.7 which is mainly related to 9.6 exchange rate volatility. 8 Analysts’ expectations of inflation for the year ahead 6