The Bank of Russia, repeating that an interest-rate increase is possible, said it’s standing by its commitment to a free-floating exchange rate and will only intervene in the currency market to thwart risks to financial stability. “If inflationary risks strengthen, if a negative scenario unfolds, we don’t rule out tightening,” Governor Elvira Nabiullinasaid Thursday at meeting with banks near Moscow. “Of course, a new wave of decline in oil prices is putting additional inflationary pressure.” A selloff in crude, which has pushed the ruble to record lows last month, has already prompted the Russian central bank to extend its rate pause to four meetings and warn that it may tighten monetary policy if inflation threats intensify. Policy makers are opting to sit out the turmoil even as Russia risks its longest recession in two decades and price growth decelerated last month to the slowest in more than a year. […]