The Monetary Policy Guidelines for 2021-2023 are a strategic document of the Bank of Russia stipulating the regulator’s key approaches to maintaining price stability. It elaborates on inflation targeting policy, including its goals, principles, and instruments employed. Russia has been following the inflation targeting regime since 2015. Its consistent usage has helped significantly reduce inflation and maintain it close to 4%. Specifically, price growth in Russia averaged 3.4% over the three last years.