UBS - Russia's Central Bank Chief Gears Up For Additional Sanctions Amid Economic Restructuring | Benzinga
The Governor of the Bank of Russia, Elvira Nabiullina, is preparing for heightened sanctions targeting the country’s economy amid swift restructuring efforts.
What Happened: Nabiullina on Monday stated that Russia’s economy is restructuring “quite quickly” as businesses adapt to the sanctions imposed due to the Ukrainian invasion, reported Bloomberg. Despite having weathered the initial storm, she warns of the need to brace for increased sanctions pressure.
The Bank of Russia Governor acknowledged the challenges faced in cross-border payments and the development of long-term financing. Nevertheless, she expressed optimism regarding the sustainability of the financial sector.
On Friday, the U.S. Treasury announced its decision to sanction banks involved in deals aiding Russia’s procurement of war machinery equipment. This is irrespective of whether the banks are aware ...