Russia's Central Bank Governor Elvira Nabiullina tried to resign after President Vladimir Putin ordered an invasion of Ukraine, but the decision was rejected by Putin.
Nabiullina, favored by investors and praised by publications including Euromoney and The Banker as one of the world’s best monetary policymakers, now faces major challenges following international sanctions and investment cuts.
He tried to leave his position but it was rumored not to be accepted and his resignation would likely be seen as a betrayal by Putin.
Still, he had to bear the brunt of the war that ensued, especially after the country’s currency, the Ruble, fell to an all-time low due to Putin’s actions.
Following the fall, he also had to act aggressively by raising interest rates to more than double to curb the impact of the war on the Russian economy.
Thanks to the action, the ruble recovered slightly by showing its best performance for the month against the US dollar, at 90.50.
However, the central bank said it had to forgo intervention to defend the ruble after international sanctions had frozen more than half of its $ 643 billion in reserves.
Earlier this month, Putin expressed his confidence that Russia would overcome current economic difficulties and rise stronger after being blocked by Western countries.
