Sberbank CEO says Russia's economic growth in current conditions is 'a miracle'

ST PETERSBURG, Russia, June 5 (Reuters) - Russia's continued economic growth in the current circumstances is "already a miracle" given the strength of the rouble and an interest rate of 14.5%, German Gref, chief executive of Sberbank, the country's largest bank, said on Friday.

Russia's $3 trillion, commodity-dependent economy slowed sharply to about 1% growth last year from 4.9% in 2024, and shrank by 0.2% in the first quarter of 2026, which officials blamed on high interest rates, Western sanctions over Moscow's war in Ukraine and a strong rouble.

Growth is now forecast at a modest 0.4% this year.

"We see that growth, thank God, is continuing, and in itself this is already a miracle in the conditions we are in - with such a strong rouble and such a high interest rate," Gref, who was at Russia's annual economic forum in St Petersburg, said.

Gref warned that investment has been declining for four consecutive quarters, describing the trend as "worrying."

He said he expected the rouble to trade around 84–85 against the dollar by year-end and said that global oil prices were likely to remain high in 2026.

(Reporting by Gleb BryanskiWriting by Maxim RodionovEditing by Andrew Osborn)