The Central Bank of Russia (CBR) kept its interest rate unchanged at 11.0% on Friday. This decision was expected by analysts.
The central bank noted that monthly consumer inflation stabilised at high levels due to a further drop in oil prices.
Risks to price stability escalating since the last meeting, the CBR said.
"The deterioration in the global commodity markets will require a further adjustment of the Russian economy," the CBR said.
"The key rate decision has been made in recognition of the current economic situation, with elevated risks of continued recession provoked by falling oil prices," the central bank added.
The central bank expects the consumer price inflation to be below 7% as early as January 2017, and 4% by late 2017.
The central bank cut its interest rate five times in 2015.
The next meeting of the CBR is scheduled to be March 18, 2016.