The European Union on Thursday heaped more economic sanctions on Russia, adding to U.S. President Donald Trump’s new punitive measures the previous day against the Russian oil industry. Russian President Vladimir Putin called Washington's move an “unfriendly act” that could backfire by spiking global oil prices.

Russia’s top economic envoy has arrived in the United States for “official” talks just days after President Donald Trump announced tough new sanctions on Russia, sources with knowledge of the visit have told CNN.

The Russian central bank cut its interest rate by 50 basis points to 16.5% at a board meeting on Friday, its first since the government proposed raising VAT in 2026 and U.S. President Donald Trump imposed sanctions on Russian oil companies.

The Vienna Institute for International Economic Studies found Russia’s growth has slumped due to sky-high interest rates.

Options for US energy sanctions against Russia have been "on standby" for a long time – from strong to weak packages – and US President Donald Trump has this week opted for the middle one. Details: Unnamed officials told WSJ that the three options had been developed months ago in case Trump decided to take tougher action against Russia.

The Kremlin on Wednesday pushed back at U.S. President Donald Trump's warning that the Russian economy was going to collapse, saying that Russia had considerable reserves and was strong enough to allow President Vladimir Putin to achieve his goals.

Roughly a third of small business owners said they may have to move into the informal economy and stop paying tax altogether.

Russia's central bank on Friday cut its benchmark interest rate and said growth had slowed to almost zero as the economy sags under the cost of the Ukraine offensive and Western sanctions. But the central bank says high rates are needed to bring down inflation that was still above eight percent in October,

Russia's new wave of tax hikes, designed to mobilise state finances as the war in Ukraine grinds on, is set to hit one in 10 small business owners, many of whom say they will have no choice but to shut down or move into the shadow economy.

After years of insulation from the effects of Vladimir Putin’s war, Russia’s economy is finally starting to take a hit.