Inflation and Bank of Russia's policy: is there a link?

One of the most important aims of monetary policy of the Bank of Russia is to reduce CPI inflation under simultaneous stabilization of ruble exchange rate to the major world currencies. While such task setting is obviously contradictory and requires usage of additional instrument, it is unclear whether Central bank can influence inflation processes at all. The work inquires into how inflation is influenced by credit aggregates, oil prices and exchange rate as the major factors limiting possibilities of Bank of Russia's influence on the price level. Conclusions include recommendations on monetary policy of the Bank of Russia. (in Russian)