Скачать или смотреть Oligarchs' revolt arises in Russia over economy, Central Bank chief Nabiullina is a prime target

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The Russian economy is facing mounting problems: inflation is rising and interest rates are reaching record levels. Moreover, companies and even oligarchs are now increasingly vocal in their discontent. But instead of criticizing the Kremlin chief Putin, whom the business elite is afraid to openly accuse, all the arrows are aimed at the head of the Central Bank, Elvira Nabiullina.
The Wall Street Journal publishes an article about the oligarchs’ growing discontent . Russia's war economy, which had long supported consumer spending and corporate profits, is starting to falter. Rising inflation, a falling ruble and high interest rates are putting an unbearable strain on businesses. "The Central Bank's rates are a challenge for economic development... I hope the cure won't be more harmful than the disease," said billionaire Alexei Mordashov, head of Severstal, in an interview with RBC. The leader of one of the Duma factions, Sergei Mironov, created a real scandal. He accused and sharply criticized Nabiullina for raising the key rate. "Since July last year, you started to raise the discount rate. How much has inflation increased? Twice. Hey, Ms. Nabiullina, are you sane or not? What kind of nonsense are you talking?" he said. The Central Bank rate, set at 21%, could be raised even further tomorrow, which increases pressure on the economy. Companies are feeling the blow on all fronts: - inflation remains at 9%, which devalues the ruble and increases costs; - MTS, the largest mobile operator, recorded a 90% drop in net profit in the third quarter due to high interest payments; - Rosneft postpones modernization of oil refineries, citing unavailability of credit; - More than 200 shopping centers are at risk of bankruptcy, and almost a third of freight carriers predict bankruptcy next year. Experts believe that discontent among the business elite is growing, but the oligarchs do not dare to criticize the head of the Kremlin Putin. Elvira Nabiullina has become a "convenient target" for accusations, notes Alexandra Prokopenko, a former employee of the Central Bank of Russia. The oil- and military-backed economy has proven resilient, but the model is unable to cope with the imbalances caused by the conflict. US and EU sanctions have undermined the stability of the ruble, and the labour market is suffering from labour shortages due to mobilisation and migration.
High interest rates and inflation are squeezing companies' margins, making long-term planning impossible. Financial problems at large companies risk leading to a chain reaction of bankruptcies, which will only worsen the economic situation. Russia's economic model is in serious trouble, and elite discontent is growing louder. But so far, criticism has focused solely on the Central Bank, while the real roots of the crisis—the conflict and sanctions—have gone unaddressed.
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