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Russian Central Bank head says country should prepare for increased sanction pressure

by The Kyiv Independent news desk December 25, 2023 7:20 PM 2 min read
Elvira Nabiullina, governor of Russia's central bank, gestures as she speaks during a panel session on day two of the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, on June 3, 2021. (Andrey Rudakov/Bloomberg via Getty Images)
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Russia must prepare for increasing pressure from international sanctions, Russia's Central Bank head Elvira Nabiullina said in an interview with the Russian media outlet RBC published on Dec. 25.

"It is, of course, tempting to think that we fared well in 2022 and now we don't have a care in the world," said Nabiullina. "But we need to prepare for increased pressure from sanctions."

Russia managed main challenges in the financial sector, she said, but even in this area some problems are not resolved completely, including cross-border payments.

"For us, the long-term money in the economy is a challenge. It is not only the long-term loans, but also the capital markets," said Nabiullina.

Other challenges for the Russian economy include maintaining the pace of innovations with limited access to foreign resources, Nabiullina added.

The comments about preparations for increasing pressure from sanctions come as the U.S. and European Union announced additional measures targeting Moscow's revenues during the war.

U.S. President Joe Biden signed a new executive order on Dec. 22 to strengthen the U.S.' sanctions against Russia and target financial institutions that help support Russia's war effort.

EU's 12th round of sanctions against Russia adopted on Dec. 18 included a ban on Russian diamonds, a crackdown on Russia's acquisition of military-use goods, and tighter controls over the $60-per-barrel oil price cap, among other measures.

Biden administration strengthens sanctions on Russia, target financial backers of war effort
The White House said the executive order would expand sanctions authority over any financial institutions “determined to have conducted or facilitated any significant transactions...or provided any services” for already sanctioned individuals or companies involved in Russia’s military-industrial com…

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