Russian Billionaires Break Silence to Criticize Central Bank Policies

Roman Trotsenko, whose interests span transport and fertilizers, labeled the current monetary strategy a "Zabotkin’s trap," referencing the central bank’s aggressive efforts to cool the economy. With the key interest rate sitting at 14.5% despite inflation dropping to 5.6%, business leaders argue that investment has become effectively impossible. Trotsenko compared the move to the U.S. Federal Reserve’s "Volcker shock" of the early 1980s, suggesting Russia is conducting an isolated, dangerous experiment.

Discontent is moving beyond abstract policy criticism. Uralchem owner Dmitry Mazepin drew a sharp parallel between the bank's domestic cooling measures and the objectives of "hostile" Western powers, suggesting both are effectively sabotaging Russia’s growth. Meanwhile, steel magnate Alexei Mordashov reported a 30% collapse in domestic steel demand, forcing Severstal to slash its investment portfolio by nearly a quarter as cash flow turns negative. Sberbank CEO German Gref, a veteran of Russia’s past economic booms, offered little comfort to his peers, remarking that maintaining any growth at all under current conditions is "already a miracle."