A strong ruble is a problem, a challenge for the Russian economy - Reshetnikov

Also, the head of the Ministry of Economic Development said that the agency expects further rate cuts from the Central Bank. Inflation in Russia by the end of the year will be significantly lower than the macro forecast, the GDP decline could be slightly lower than the forecast, Reshetnikov added.

As a whole the reduction of the rate of the Central Bank is possible for several reasons: it is necessary to weaken the ruble to fill the budget, and also it is necessary to support producers in the conditions of the sanctions pressure.

With deflationary effects gaining momentum, the Central Bank could go for a further rate cut. However, as stated by Elvira Nabiullina, the movement will take a normal character: steps of 0.25-0.5%.