The meeting was attended by Prime
Minister Mikhail Mishustin Mishustin Mikhail Mishustin MikhailPrime Minister of the Russian Federation , First Deputy Prime Minister Denis Manturov Manturov Denis Manturov DenisFirst Deputy Prime Minister of the Government of the Russian Federation , Deputy
Prime Ministers Alexander Novak Novak Alexander Novak AlexanderDeputy Prime Minister of the Government of the Russian Federation and Marat Khusnullin Khusnullin Marat Khusnullin MaratDeputy Prime Minister of the Government of the Russian Federation , Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin Oreshkin Maxim Oreshkin MaximDeputy Chief of Staff of the Presidential Executive Office , Minister of Economic
Development Maxim Reshetnikov Reshetnikov Maxim Reshetnikov MaximMinister of Economic Development of the Russian Federation , Minister of Finance Anton Siluanov Siluanov Anton Siluanov AntonMinister of Finance of the Russian Federation , and Central
Bank Governor Elvira Nabiullina Nabiullina Elvira Nabiullina ElviraGovernor of the Central Bank of the Russian Federation (Bank of Russia) .

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President of Russia Vladimir Putin: Good afternoon, colleagues.

Today’s agenda includes the current
situation in Russia’s economy and its key sectors, and in the state of the financial system. We will also address global market trends that affect Russian
enterprises and the economy overall.

Let me begin with the initial statistical
data of the year. What stands out most is the weak, negative trend in key
macroeconomic indicators. While not entirely unexpected, the statistics confirm
this pattern. In January, Russia’s gross domestic product fell by 2.1 percent
compared to the same month last year, and industrial production decreased by 0.8 percent. On a positive note, mineral extraction grew by 0.5 percent, even
before the recent rise in global energy prices.

As you know, experts have pointed to the so-called calendar factor in January, since there were fewer working days
this year compared to the last year. Nevertheless, I want to emphasise what we
discussed earlier: we need to return to the path of sustainable economic
growth, while also slowing inflation – which I will address later – and maintaining stability in the labour market. These goals may seem divergent, but
we agreed that achieving precisely this balance is essential. It will not be
easy, of course, but it is a target we must pursue.

To be continued.