Russian central bank governor Elvira Nabiullina has been a key figure in stabilizing Russia’s economy amidst sanctions. Since taking on the role in 2013, she has faced both praise and criticism.
Nabiullina’s strategic use of capital controls and monetary policy has helped keep the Russian economy afloat despite the pressure of sanctions, according to experts like Daniel McDowell from Syracuse University. Her decisions have prevented a total collapse and have even been seen as a playbook for responding to external pressures.
However, her support of President Putin’s regime has led to backlash from Western finance officials and economists. Once praised internationally, Nabiullina is now sanctioned by the US and UK, and seen as complicit in Russia’s actions.
Born into a blue-collar family in Ufa, Nabiullina’s unlikely rise to the top echelons of the Russian government is notable. She has transitioned from a supporting role to a leading one, being appointed as central bank chief by Putin in 2013.
Despite her success in stabilizing the economy, critics argue that Nabiullina is simply a Putin crony. Her reputation for competence is high, but her stance on defending a free society has been questioned.
Amidst Russia’s ongoing war in Ukraine, Nabiullina’s role in supporting Putin’s regime has come under scrutiny. Despite reports that she considered resigning, Putin rejected her resignation and she continues to play a key role in keeping the economy growing.
While Nabiullina’s tactics have been effective in maintaining economic stability, her loyalty to Putin’s regime has raised concerns among critics. As she continues to navigate the challenges of war and sanctions, her actions will be closely watched by both supporters and detractors.