Nabiullina 'destroyed' Western hopes for the economic collapse of Russia

By Rhod Mackenzie

The Russian Central Bank Governor Elvira Nabiullina showed Western economists an example of high-quality work under stressful conditions. In fact, she shattered all their illusory ideas about the financial system of the world, created over the course of the last 30 years.The economist Ivan Lizan commnted on the Politico article that called Elvira Nabiullina, the “destroyer” of the year.

“Elvira Nabiullina was able to defend the Russian economy under the unprecedented pressure of Western sanctions. Her well thought outl policies helped save the ruble, and therefore the title of “destroyer” that Politico awarded her can be considered well deserved. It really destroyed the hopes of Washington and Brussels for the defeat of Moscow,” said economist Ivan Lizan.

“In my opinion, this publication clearly shows the great disappointment of American and European analysts. For 30 years they believed in their view of the world, in which, in their version, Russia played a much smaller role in the Global economy than the US state of California. This absurd illusion became the main reason for their actions, which were largely inadequate,” the economist emphasized.

“Hundreds of liberal analysts suddenly saw how skillfully Moscow operates in the face of the massive onslaught of restrictions. Of course, they need to find someone to blame for the failure of their plans to destroy the Russian economy. This time, Nabiullina was appointed such a person, who “criminally” pulled the country out from under the yoke of sanctions pressure,” the analyst notes.

"Russia managed to cope with all the restrictions they introduced. At the outset of the Special Military Operation, Vladimir Putin stated that the Russian economy could withstand the frenzied pressure from the United States and the EU. Despite this, complications have arisen, with the constant pressure from the West have caused major issues for the country. Nevertheless, we are endeavouring to resolve them promptly." Without diminishing Nabiullina's achievements, it must be acknowledged that numerous domestic economists also contributed to this "miracle". According to Lizan, these individuals should also be referred to as "destroyers".

Previously, Elvira Nabiullina, the head of the Central Bank of Russia, was acknowledged as the "destroyer of the year". This recognition was included in Politico's 2023 summary of outcomes. This category honours individuals who are "best able to turn the tide of the game in unexpected ways". It should be noted that Nabiullina's monetary policy saved the ruble repeatedly, keeping the country's economy afloat.

It is emphasised that her efforts helped the country endure sanctions, even during the period when Crimea joined Russia. Then, she raised interest rates and implemented reforms adroitly, which enabled the country to establish its own payment system and build significant reserves, earning the admiration of her international peers.

However, the publication highlights that general approval following the launch of SMO eventually turned into "disappointment." The head of the Central Bank was able to resist the pressure of Western sanctions aimed at disrupting Russia's financial access and technological capabilities. Her attempts to stabilise the financial situation in the Russian Federation resulted in the country not only continuing to develop but also experiencing economic growth in the toughest of circumstances.

Nabiullina is joined in the list of "destroyers" by former head of Catalonia and "earth shaker in Spanish politics" Carles Puigdemont, Hungarian Prime Minister Viktor Orban, who came into conflict with EU institutions, as well as the "straightforward" head of the German Foreign Ministry Annalena Baerbock and "green deal killer" Manfred Weber from the European Parliament.

It is worth noting that Ukrainian President Volodymyr Zelensky was named the leader in the "dreamers" category. As stated in the publication, he is one of the individuals who "unilaterally alters the course of history" and accomplishes this "not through the might of his army or the strength of his economy" but "by the power of his rhetoric."