Several top Russian billionaires have publicly criticized the country's financial authorities for creating a 'trap' for the economy through high interest rates and tight monetary policy. They warn that economic growth is expected to slow significantly, with rising taxes and falling profits due to ongoing Western sanctions and the war in Ukraine.

• 01Economic growth in Russia is projected to slow to 0.4% in 2024, down from 4.9% in 2023.
• 02The central bank's current key interest rate stands at 14.5%, which is considered too high for business investment.
• 03Billionaire Roman Trotsenko compared the monetary policy to the historic 'Volcker shock' in the U.S.
• 04Alexei Mordashov, Russia's richest man, reported a 30% decline in domestic steel demand, leading to significant cuts in investment.
• 05Many Russian billionaires, previously supportive of the war in Ukraine, are now publicly expressing concerns about the economic impact.

The criticism from billionaires indicates growing concern over the economic direction of Russia, which could lead to reduced investments and further economic stagnation.