the interest rates are high to hold back growth produced inflation; every single western economic article about russia admits that the economy is "running hot", not stagnating or in recession. the growth of personal incomes is much higher than inflation itself. here's the most in depth article i've seen on the matter (approximately 10 minute read). it admits that the spurt in personal income growth is so large that it's literally transforming the economic status of society.    -082e-4058-ba92-dea580d4f40c also worth mentioning is the re-classification of russia as a "high income economy" by the world bank and being upgraded to the level of portugal by the imf.
Russian Federation