Elvira Nabiullina She is a very powerful woman, one of the highest officials in Moscow and, as head of Russia’s central bank, is in the midst of the conflict created by President Vladimir Putin in Ukraine. With heavy sanctions trying to bring the Kremlin to its knees, Nabiullina fearlessly challenged the Tsar by twice announcing her resignation as governor. “They have plunged the economy into a cesspool,” is the message that the official brought to her president.
Elvira Nabiullina, the challenge to Putin
Elvira Nabiullina is a highly respected economist who received her professional training from Yale. She had firmly opposed Putin after he sent his troops to Ukraine last month and twice delivered the farewell letter to his role. But the Kremlin leader refused to accept them. In fact, he rebooted and submitted his candidacy to the Duma for confirmation for a third term as head of Russia’s central bank. She, 58, is considered part of the Russian president’s inner circle, to whom she served as economic adviser before becoming central banker, and took over the presidency of the Bank of Russia for four years in mid2013, followed by a second term: five years, which ended in expires next June.
“Months of Recession”
La Nabiullina warned of a monthslong recession and “significantly increased” inflationary risks. Western sanctions are therefore beginning to take hold. The ruble exchange rate is 105 against the dollar but is a far cry from the lows of almost 180 a few days ago. Russian bonds remain under severe pressure but are recovering from the collapse amid the threat of imminent default. However, investors and with them the Kremlin remain nervous after S&P not only downgraded its rating to “CC” in a deep “junk” zone. But he also threatened to downgrade the rating to “SD (selective default) because “we believe payments on Russian eurobond debt maturing in the coming weeks could encounter as many technical difficulties. By the end of the year, Moscow, which froze its dollar reserves, will have to repay two billion.
officers on the run
And the governor has blamed Putin’s decision to invade Ukraine, effectively throwing Russia’s economy into a “channel.” And according to informed sources quoted by Moscowbased online news site Meduza, Elvira Nabiullina is said to be among a quarter of officials and top managers in Russia who have seriously considered resigning after the invasion began. But so far no one has quit. “To do so now would be considered an escape attempt. And that’s why they kill you,” the source added.
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