Russia's Annual Inflation Slows to 6.37%; Energy Export Revenues Rise on Higher Prices

On February 11, 2026, Russia's Ministry of Economic Development reported that annual inflation slowed to 6.37% for the week of February 3-9, down from 6.45% the previous week, with food price growth moderating to 0.24% and services price growth near zero. Despite the easing inflation, recent tax increases pose new challenges to inflation targets, and markets widely expect the Central Bank to hold its key interest rate at 16% at Friday's meeting, pausing its easing cycle. On the same day, the International Energy Agency reported that Russia's revenues from crude oil and refined product exports rose by $130 million month-on-month to $11.1 billion in January, as higher prices offset a decline in export volumes.

Russian crude production decreased by 350,000 barrels per day to 9.3 million bpd, while total crude and fuel exports fell by 90,000 bpd to 7.5 million bpd. Separately, media reports indicated that Moscow is considering the possibility of restoring US dollar settlements for energy transactions within the framework of a broader economic partnership with Washington.