ING Deutschland
Chief Economist on Russia & CIS
Dmitry Dolgin is the Chief Economist for Russia and the CIS at ING Deutschland, based in Frankfurt am Main, Germany. With over 15 years of professional experience in macroeconomic analysis, FX strategy, and financial market research, he is recognized among the top global forecasters for Russia, Kazakhstan, and Azerbaijan by Bloomberg and FocusEconomics.
Since joining ING Deutschland in 2022, Dmitry has expanded the bank’s public macro coverage to include Armenia and Uzbekistan, while continuing to deliver high-quality research on the CIS region. His work focuses on economic growth, fiscal and monetary policy, balance of payments, FX markets, and banking sector trends. He also covers global macro topics, including the international role of the US dollar and the BRICS+ initiative.
Externally, Dmitry engages with institutional investors, supranationals, think tanks, rating agencies, and embassies, providing insights on the CIS, BRICS, and de-dollarization trends. Internally, he conducts regular briefings for the trading and management teams and contributes to strategic projects, including AI integration in data visualization within ING’s research department.
Previously, he led CIS macroeconomic research at ING Wholesale Banking Russia, served as Senior Macro Strategist at Gazprombank, and Senior Macro Analyst at Alfa-Bank, where he was Extel-ranked by Thomson Reuters among the top macro analysts in Russia. His research is frequently cited by Bloomberg, Reuters, and the Financial Times.
How can we assess the resilience of CIS economies against a backdrop of global uncertainty without trying to predict the unpredictable? The practical approach is to break external pressure down into three channels—oil, gold, and secondary effects via trading partners—and identify where it is most likely to surface: in the budget, the current account, inflation, or the exchange rate. Using Armenia, Azerbaijan, Kazakhstan, and Uzbekistan as examples, this framework highlights which domestic fault lines amplify or cushion external shocks—and which indicators provide early warning signals of a turning point.
