Russia’s 2027 succession problem

Hello! Welcome to your weekly guide to the Russian economy, written by Alexandra Prokopenko and Alexander Kolyandr and brought to you by The Bell. This week we look at the challenge of appointing an heir to Elvira Nabiullina, about to enter her final year at the helm of the Central Bank.

The Nabiullina end game

At the start of the year Russia faced falling GDP, war in the Middle East, a budget deficit that in the first quarter was 20% above the annual target, and interest rates that remain in double digits despite seven consecutive cuts. If that wasn’t complicated enough for those who manage Russia’s economy, it is also the state of play as Elvira Nabiullina enters her final year as head of the Central Bank. The circumstances mean her departure — and the search for a replacement — is more than just a simple personnel issue.