Situation for Russian exports more difficult in Q1 than in Q3-Q4 2025, this is pro-inflationary - CBR deputy governor

MOSCOW. Feb 4 (Interfax) - The situation for Russian exports in Q1 2026 is more difficult than it was in Q3-Q4 2025, and this is a more pronounced pro-inflationary risk, Central Bank of Russia Deputy Governor Alexei Zabotkin said on RBC-TV.

"Pro-inflationary risks from external conditions probably look more prominent in 2026. The situation for our exports continues to be difficult. It's probably more difficult in the first quarter of this year than it was in the fourth quarter of last year or the third quarter of last year. This is probably what has shifted towards more pronounced pro-inflationary risks," Zabotkin said, noting the influence of this factor on the budget.