Russia's Central Bank prepares for stricter sanctions

Elvira Nabiullina, Head of the Central Bank of Russia, has said that she is preparing for tougher sanctions against the country's economy.

Source: Nabiullina in an interview with RBC, a Russian news agency

According to Nabiullina, the structural reorganisation of the Russian economy is proceeding "quite quickly" as businesses adapt to the sanctions.

Quote: "It is tempting to think that we can, as the saying goes, wade through any sea after withstanding the initial storm, although we should be prepared for increased sanctions pressure," she said.

Nabiullina also noted that cross-border payments remain a problem for many companies. According to her, there are also "very serious" problems in the development of long-term financing.

Quote: "We cannot say that we have resolved all the challenges," Nabiullina said. 

Reminder:

• The US Treasury announced that it will impose sanctions on banks that facilitate agreements under which Russia buys semiconductors, ball bearings and other equipment needed for its war machine, even if they don't know they are doing so.
• On 15 December, the EU approved the 12th package of sanctions against Russia.

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