Russia’s central bank chief pushes for open economy 

Russia’s Central Bank Governor, Elvira Nabiullina, urged Russia to maintain an “open economy,” despite the onslaught of Western sanctions following its military actions in Ukraine, as reported on Thursday by Agence France-Presse.

During the Saint Petersburg International Economic Forum, Nabiullina emphasised the need for economic integration with the world, even as sanctions have severed Russia’s ties with the international financial system and ended profitable energy partnerships with Western entities.

The exodus of Western businesses from Russia has been notable since the deployment of Russian troops into Ukraine.

China has stepped up as Russia’s principal economic ally in the past two years. However, President Vladimir Putin has criticised the US for pressuring this partnership, with threats of sanctions on Chinese banks transacting with Russia.

Finance Minister Anton Siluanov shared a contrasting viewpoint, stressing the importance of enhancing Russia’s “financial sovereignty.” He declared a commitment to this goal in the upcoming years.

Nabiullina also addressed the need to bolster Russia’s capital markets. She cautioned against the implementation of proposed tax increases, which are projected to generate $30 billion, in a manner that might deter investment.