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Russia’s domestic economy undergoing rapid restructuring, Central Bank governor says

Elvira Nabiullina warned against thinking that Russia is "ten feet tall" and has nothing to worry about after overcoming the difficulties of the past year

MOSCOW, December 25. /TASS/. Russia’s domestic economy is undergoing a process of rapid restructuring, Bank of Russia Governor Elvira Nabiullina said in an interview with RBC business daily, adding that the banking regulator will continue to prioritize combating inflation and supporting the financial sector.

She declined to comment on a report in the European edition of Politico that labeled her "the disrupter of the year" for her efforts to counter sanctions, saying that she found it "difficult to comment" on that.

"I believe that the Central Bank [of Russia] has pursued, is pursuing and will continue to pursue a policy aimed at ensuring that fiscal revenues do not depreciate due to high inflation, and that the financial sector is stable, that it is enabling consumers and businesses to safeguard their savings and is providing the financial resources necessary for economic restructuring. We see that economic restructuring is happening quite rapidly, and this is first of all due to the market nature of the economy, in particular, the business sector, which has adjusted very quickly," Nabiullina clarified.

The chief banking regulator warned against thinking that Russia is "ten feet tall" and has nothing to worry about after overcoming the difficulties of the past year. The sanctions pressure may intensify in the future, she added, noting that one should be prepared for it.

Nabiullina also acknowledged that there are problems in Russia’s financial sector that have not been fully resolved, including cross-border payments and souring investor sentiment toward the financial markets due to sanctions. Moreover, issues are emerging related to accelerated rates of innovation and technological development as well, she stressed.

On November 29, Politico Europe published its annual list of 28 people who it sees as the future movers and shakers of European politics. Featuring three separate categories - doers, dreamers and disrupters - the rating ranked Nabiullina in the top spot among so-called "disrupters."

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