# Bank of Russia Holds Rate at 14% as Refinery Attacks Push Inflation

> Bank of Russia keeps interest rate steady at 14% amid rising fuel costs from Ukrainian refinery strikes.
- Title: Bank of Russia Holds Rate at 14% as Refinery Attacks Push…
- Summary: Bank of Russia keeps interest rate steady at 14% amid rising fuel costs from Ukrainian refinery strikes. Bank of Russia maintains 14% policy rate as refinery…
- Keywords: bank of russia, policy rate, refinery attacks, inflation rate, ukraine, oil refineries, fuel prices, fiscal deficit, gdp, finance, markets, Bank
- Source: BigGo Finance — https://finance.biggo.com/news/c87c3322-4510-45e6-ac1e-1579e0a5189e
- Author: BigGo Finance
- Published: 2026-10-23T15:55:10+00:00
- Read time: 1 min
- Topics: bank of russia, policy rate, refinery attacks, inflation rate, ukraine, oil refineries, fuel prices, fiscal deficit, gdp, finance, markets
## Policy Rate Decision
Bank of Russia holds key policy rate at 14% per annum for second consecutive month.
## Inflation Acceleration
Consumer price growth rose to 8.0% in July-September quarter from 4.8% in previous quarter.
## Ukraine Impact
Ukrainian attacks on refineries increased fuel prices and utility tariffs.
## Inflation Forecasts
Bank of Russia raises 2026 inflation forecast to 7.1-7.6% and 2027 policy rate to 12.5-13.5%.
## Fiscal Deficit
2026 fiscal deficit projected to widen to 3.2% of GDP with 0.6% economic growth.
## Key takeaway

Bank of Russia maintains 14% policy rate as refinery attacks increase inflation to 8.0% in Q3.