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Elvira Nabiullina, who was once reported to have threatened to resign as head of Russia’s central bank over Vladimir Putin’s decision to invade Ukraine, has not appeared in public for almost three weeks. This absence has drawn attention given her prominent role in Russia’s financial leadership.
Ms Nabiullina is widely credited with keeping the Russian economy afloat despite the financial pressures of the Ukraine war, which Mr Putin has poured vast resources into pursuing. She had received multiple international awards prior to the 2022 invasion, but is now the subject of Western sanctions, News.Az reports, citing The Independent.
The former economy minister is serving her third term at the central bank and is due to stand down in June next year. She was reinstated for her second five-year term just days after the Ukraine war began, and had attempted to quit due to her deep reservations about the invasion, according to multiple US media reports at the time. Mr Putin is said to have rejected her resignation.
She was last seen in public at the end of May. She has cancelled two key engagements in the past weeks, including a key economic forum in St Petersburg where Mr Putin sought to project financial stability and strength in a bid to shore up investments.
Ms Nabiullina, considered a trusted aide of the president, was announced as a speaker on two panels at the so-called “Russian Davos” but her name was removed from the list of participants ahead of the summit.
Kremlin spokesperson Dmitry Peskov rubbished claims of the central banker being “missing” and said it was not a cause for “conspiracy theories”.
“People get sick sometimes,” he said.
The central bank said Ms Nabiullina was on sick leave but would attend a press conference on 19 June following a meeting of the board of directors on monetary policy.
Still, Ms Nabiullina’s recent absence from the public eye has caused speculation that she may be looking to step down from her role a year short of the end of her third and final term.
Ms Nabiullina’s absence comes as central banks in the UK, Japan, Australia, Switzerland, Sweden, and Norway meet this week to deliberate monetary policies. Japan is considered the one likely to lift rates this time.
The Russian central bank is also meeting on Friday. The meeting will be closely watched for the chief’s attendance.
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