Russia has not suffered directly from high import taxes on many countries announced by U.S. President Donald Trump but is now bracing for a protracted period of lower oil prices - its main export - and declining budget revenues.

Russia left its key interest rate unchanged for a fourth straight meeting, despite a continuing rise in inflation driven by the diversion of men and material to prosecute the invasion of Ukraine.

Russia’s central bank held borrowing costs at a record high, reiterating that tight policy will remain in place “for a long period” to tame inflation.