The Russian central bank has lowered its key interest rate by a quarter of a percentage point, a small reduction aimed to invigorate the economy while keeping inflation in check.
The Bank of Russia announced on June 16 it had lowered the rate to 9 percent from 9.25 percent in the third cut this year.
It follows a half-point decrease in April, and the bank said it will continue what it called a "moderately tough" monetary policy to keep inflation close to the government's target of 4 percent.
Annual inflation stood at 4.1 percent last month.
"Inflation risks were down in the short term," a statement said, warning that they remain "elevated" in the medium term.
The bank forecasts an economic growth rate of 1.3-1.8 percent in 2017.
Russia's economy is emerging from a recession that began in 2014, the year world oil prices fell and Western countries imposed sanctions over Moscow's aggression in Ukraine.