Stagflation, more expensive borrowing for troubled businesses, and the war against VPNs. What March 2026 will be remembered for by the Russian economy and society

The first month of spring was marked by a gradual easing of monetary policy through lowering the key interest rate from 15.5% to 15%, a tightening of some regulations, and banks' adaptation to changing conditions. Meanwhile, regulators increased pressure on Telegram, and by the end of March, the head of the Ministry of Digital Development, Communications, and Mass Media announced measures being prepared to restrict VPNs in Russia.

The first month of spring was marked by a gradual easing of monetary policy through lowering the key interest rate from 15.5% to 15%, a tightening of some regulations, and banks' adaptation to changing conditions. Meanwhile, regulators increased pressure on Telegram, and by the end of March, the head of the Ministry of Digital Development, Communications, and Mass Media announced measures being prepared to restrict VPNs in Russia.