In spring, Russian banks might increase the cost of credits to business and population, RBC Daily writes today.

Experts predict increase in rates in 0.5-2 percentage points noting that it will hit especially hard small and medium businesses.

The Bank of Russia has increased refinancing rates three-fold – from 5.5% to 7% in March, up to 7.5% in April and up to 8% on July 25 (it’s the last, as of today). Following the regulator, banks will also increase the rates, analysts warn.

It should be noted that the Central Bank of Armenia lowered the refinancing rates to 6.75% on August 12.

With regard to the crisis in Ukraine the U.S. and the European Union imposed sanctions in late July which have a direct impact on the Russian financial sector.