German Gref, the head of Russia's state-controlled Sberbank, has publicly urged President Vladimir Putin to end the war in Ukraine, warning that the prolonged conflict is pushing the Russian economy towards collapse. Gref stated that ordinary Russians are increasingly feeling the economic strain, which is being exacerbated by Ukrainian drone attacks on Russian oil refineries.
"I don’t believe there is anyone in this country whose primary concern is anything other than an end to military hostilities as soon as possible," Gref said in a state television interview, according to The Moscow Times. He characterized the ongoing invasion, which began in February 2022, as wreaking havoc on the Russian economy, pointing to soaring interest rates and fuel shortages.
"An economy simply cannot survive for a prolonged period under the weight of the extremely high real interest rates we’re seeing today," Gref stated, calling the government's monetary policy to combat inflation "completely irrational." He argued that the economy has been "overcooled" and that interest rates need to be reduced.
Russia's Central Bank had raised its key interest rate to a two-decade high of 21% in late 2024 to combat soaring inflation. Although rates were lowered to 14.25% in June, the central bank has cautioned that elevated rates may need to be maintained longer due to a widening budget deficit and disruptions in the domestic fuel market.
Gref had previously warned in June 2025 that high interest rates and an overvalued ruble would hinder investment and gross domestic product growth. He noted that investments in Russia have already decreased by over 14% and could fall another 3% this year. Falling wages and job redundancies were also cited as mounting crises.
This is not the first time Gref has publicly expressed views that appear to diverge from government policy. In September, Putin dismissed Gref's assertions of economic stagnation, maintaining that his administration was implementing the correct measures to control inflation. Putin noted that lending had not ceased, only the growth rate had slowed.
President Putin himself has acknowledged that Ukrainian strikes on Russia's energy infrastructure are damaging the country's economy. "As for strikes against critical infrastructure in general, and energy infrastructure in particular, of course, these attacks on our infrastructure facilities create problems, that’s obvious," Putin said in a recent interview with state television.
Last Friday, authorities in Crimea, a Ukrainian territory annexed by Russia in 2014, declared a state of emergency, temporarily halting all fuel sales to civilians amidst Ukrainian attacks on energy facilities.