Russian Central Bank says to take into account Turkey sanctions in inflation forecast

MOSCOW - Reuters

Russian Central Bank Governor Elvira Nabiullina addresses deputies during a session of the State Duma, the lower house of parliament, in Moscow, Russia, November 13, 2015. REUTERS photo

Russia’s Central Bank told Reuters in a statement on Dec. 1 that it would take into account sanctions on Turkey in its inflation forecasting.

“After the list of (sanctioned) goods has been clarified, the Bank of Russia will be able to give an assessment of the influence of these measures on inflation and will take into account this factor when preparing its forecast,” the Central Bank said.

Russia will ban imports of agricultural products, vegetables and fruits from Turkey and may expand its sanctions further if deemed necessary, senior officials said at a government meeting on Nov. 30.

Moscow may delay the introduction of the food import restrictions for several weeks to ease inflationary pressure, said Deputy Prime Minister Arkady Dvorkovich. 

First Deputy Prime Minister Igor Shuvalov also said Russia would for the moment refrain from banning the imports of Turkish industrial goods.