Andrei Kostin, CEO of VTB, Russia's second largest bank, stated that the Russian economy, heavily affected by sanctions and militarization, is expected to slow down next year, with bank profits declining. The indicator interest rate may rise to 23% by the end of this year. Kostin expects the GDP growth rate in 2025 to slow down to 1.9%, higher than the International Monetary Fund (IMF) forecast of 1.3%. The government expects the economy to grow by 3.9% this year.