Elvira Nabiullina

Money Moves

Told State Duma committees on November 9 that the bank should not rush rate cuts, saying premature easing would push market rates and prices higher

The Bank of Russia held its key rate at 14% on October 23, the second meeting in a row without a cut. Its November 5 discussion summary said the economy returned to overheating in the third quarter, with underlying inflation running at 5-6% annualised.

Updated 4 hours ago

Rule Changes

As of May 2026: Leading the institution escalating legal pressure over immobilised reserves

Russia's central bank sued Euroclear in Moscow on December 12, seeking €193.7 billion in damages. Six days later the plan that triggered the lawsuit—using frozen reserves to back Ukraine loans—collapsed at the European Council. Belgium refused the legal risk; the EU pivoted to a €90 billion conventional loan backed by its own budget instead.

Updated May 15