Features of the Application of Inflation Targeting in Russia

The article examines the specific features of the application of inflation targeting policy in the Russian Federation under conditions of economic instability, sanctions pressure, and external economic restrictions. The study analyzes the development of Russia’s monetary policy from the mid-1990s to the present stage, including the transition to an inflation targeting regime in 2015. Particular attention is paid to the influence of inflation expectations, oil prices, exchange rates, money supply, and the level of public trust in state institutions on the effectiveness of the Central Bank’s policy. The consequences of the global financial crisis, the COVID-19 pandemic, and the sanctions imposed in 2022 for the Russian economy and the inflation targeting mechanism are also examined. Based on macroeconomic indicators, the study concludes that the effectiveness of inflation targeting in Russia largely depends on external economic factors, institutional stability, and public confidence in the state’s monetary policy.