OREANDA-NEWS  There are no risks of stagflation in Russia in 2026, as corporate lending is growing despite the high interest rate, which leads to an increase in production and positive GDP dynamics, Dmitry Pyanov, first deputy chairman of VTB, said in an interview with RIA Novosti.

"We see a significant increase in lending to legal entities. In other words, corporate lending is growing despite the high interest rate, which leads to an increase in production and positive GDP dynamics," he said.

"And we could talk about stagflation if everything "stood up" in terms of loans, it would be an early indicator. Therefore, there are no risks of stagflation," Pyanov explained.