All right, Alexander, let's do an update on the Russian economy.

And we have another interest rate cut.

And we also have some comments from Nabilina as well.

What are your thoughts on the interest rate cuts and on what Nabilina said?

Yeah.

And by the way, from Putin as well. And I mean, he didn't go into the detail that

Nambulina went into, but it's absolutely clear again that he is supporting Nabilina strongly.

There was lots of pressure in Russia for a much bigger interest rate cut than the one that Nebula

announced she cut interest rates by 1%.

So they peaked at 21%, they're now down to 17.

She cut interest rates by 1% back in the early summer, then she cut them by 2%.

Now she's cut them by further 1%. They've come down by 4%. And she

was under a lot of pressure from the usual people, the economics ministry, industrial groups, small businesses businesses to cut interest rates further.

But as I said many times, we've said many times, the thing about Nebula is that she's

extremely careful.

She absolutely does not want to see the economy's starting to surge again in a way that might

lead to more overheating and a return to inflation. She's going to cut interest rates,

but at her own pace, and there were demands that she cut interest rates as much as 6%

from some people.

I never thought that was going to happen.

And a few days before she made her announcement, Putin came out and said, look, the

Central Bank understands the situation in the economy, no one better, but it has got the whole situation well in hand. It understands well what is going

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