Russia's top central banker tried to quit over the Ukraine invasion — Putin wouldn't let her

[Rogue Valley]

Russia's top central banker tried to quit over the Ukraine invasion — Putin wouldn't let her

3.24.22
A top Russian central banker sought to step down over Russia's invasion of Ukraine, but Russian President Vladimir Putin rejected her resignation, Bloomberg reported, citing four people familiar with the situation. The Russian central bank governor Elvira Nabiullina has served in her post since 2013 and Putin recently renominated her for another five-year term last week. Though she wanted out, Putin would likely view it as a betrayal, Bloomberg reported. The 58-year-old Russian economist hasn't commented publicly about her re-appointment. But the Russian central bank's press service told state-controlled media that her desire to resign "doesn't correspond with reality" without specifying any further. Bloomberg also reported a "state of hopelessness" taking root among Russian central bank employees who fear being cut off from the outside world. Western sanctions have pummeled the Russian economy in the wake of its invasion of Ukraine, now in its fourth week. The value of the Russian ruble has fallen steeply against the dollar, rendering one ruble to be worth just around one American penny. International penalties are blocking the Russian central bank from accessing $643 billion in international reserves to prop up the nation's beleaguered currency.

Ms. Nabiullina has previously saved the Russian economy when the benchmark crude price dropped below $35 bl. and after Putin invaded Crimea/Donbas in 2014.

But I doubt she can save Russia's economy in the wake of staggering Western sanctions and a disconnection from the SWIFT digital global payment system.