Nabiullina's Mistakes Could Cost Her the Top Job at Russia's Central Bank; Only Putin Will Decide
Elvira Nabiullina, head of Russia's Central Bank, may lose her position due to mistakes linked to the war and economic crisis. Her absence is officially attributed to sick leave with an acute respiratory infection, but sources suggest Putin already has a list of candidates to replace her.
Rumors about Elvira Nabiullina falling out of favor with Vladimir Putin have been circulating for over a week, and now media, citing the Financial Times, have revealed the official explanation: the central bank chief is on sick leave with an acute respiratory infection. However, sources indicate that the real reason may be her inability to cope with the economic crisis caused by the war, sanctions, and inflation, which has seriously damaged her standing with Putin.
Both Nabiullina and Sberbank CEO German Gref reportedly fear discussing the consequences of spending over 53 trillion rubles on the war with the Kremlin dictator. They simply submit reports on non-performing loans and structural changes, but Putin is only interested in solutions, not problems. In his inner circle, he discusses entirely different matters – "in the bathhouse with his hawkish comrades, they talk about great historical questions," a source emphasized.
The Kremlin already has a list of candidates to replace Nabiullina: Promsvyazbank chief Pyotr Fradkov, VTB Bank head Andrey Kostin, and Deputy Head of Putin's Administration Maxim Oreshkin. However, the decision has not yet been made – Nabiullina is expected to appear at a Central Bank press conference on June 19. As one Financial Times source concluded: "The decision will be made solely by Putin."
