Head of Sberbank: Russian business needs help
Sberbank President and Chairman of the Board German Gref stated that the Russian economy has "overcooled" and indicated that the state must transition to a policy of supporting economic growth and investment. According to him, for a turnaround to occur in the economy, market rates need to fall to the range of 10–12 percent.
**Head of Sberbank: Russian business needs help**
The Russian economy is "overcooled," which is why measures to support business and investment are needed in the current conditions.
German Gref, President and Chairman of the Board of Sberbank, told journalists about this on September 3 during the Eastern Economic Forum.
According to Gref, the Central Bank of Russia assesses the current process in the country's economy as a "gradual slowdown." The head of Sberbank, however, noted that the situation could previously be called "cooling," and now "overcooling."
"Today, I think, this is already obvious. There is always a play on words depending on what meaning we give to the terms. The Central Bank speaks of a gradual slowdown, while we call the situation cooling, and now overcooling. Today, the numbers themselves show everything," Gref said.
He explained his assessment by pointing to the business climate indicator, which significantly deteriorated in the summer of 2026, unemployment and consumer indicators, as well as gross fixed capital formation.
Gref also touched upon the current growth rates of the Russian economy.
In the first half of 2026, the country's GDP increased by 0.6 percent. The head of Sberbank noted that this is significantly lower than the potential economic growth rate, which the Central Bank of Russia estimates at 1.5–2 percent.
According to the Russian Ministry of Economy, in July, the country's GDP increased by 0.6 percent compared to the same month in 2025.
For comparison, annual economic growth in June was 1.7 percent. Based on the results of January–July 2026, the Russian economy grew by 0.6 percent.
According to the head of Sberbank, for a significant turnaround to occur in the economy, market interest rates must normalize.
"Until market rates normalize and fall into the 10–12 percent range, we will not see a turnaround," Gref said.
He emphasized that special attention must now be paid to macroeconomic conditions, and business needs support.
In this regard, Gref stated that the state must transition to a policy aimed at stimulating economic growth and investment.