Elvira Nabiullina, the head of the Bank of Russia, has recently been absent from public events because of a severe respiratory infection, according to Financial Times, which cited sources.
The newspaper says her absence fueled speculation that she may be losing the confidence of Vladimir Putin. FT’s sources said Russian officials had already discussed possible changes at the central bank if Nabiullina were to leave her post.
Among the options reportedly under discussion were splitting the regulator’s broad powers among several institutions and easing its current hard-line focus on bringing inflation back to target.
According to FT, the main contenders to lead the central bank are Maxim Oreshkin, deputy head of the Russian presidential administration, and Promsvyazbank chief Petr Fradkov. The Bell has also named VTB head Andrey Kostin as a possible candidate. At the same time, FT’s sources stressed that Putin could still decide to keep Nabiullina in her current position.
A Bank of Russia press conference on the key interest rate is scheduled for June 19, and Nabiullina is expected to take part.
The central bank chief has not appeared in public since early June. During that period, she missed the St. Petersburg International Economic Forum, a NAUFOR conference on June 9, and a meeting with Putin on June 10 where inflation and the key rate were discussed. The Bank of Russia and the Kremlin both said she was on sick leave.
Dmitry Peskov previously said that Nabiullina’s absence should not be treated as grounds for “any conspiracy theories.”
Nabiullina is serving out her third term as central bank chief, which by law must be her last. Her term expires in June 2027.