Elvira Nabiullina

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Elvira Nabiullina
Эльвира Набиуллина
Nabiullina in 2017
Chairwoman of the Bank of Russia
Assumed office
24 June 2013
Prime MinisterDmitry Medvedev
Mikhail Mishustin
Preceded bySergey Ignatyev
Minister of Economic Development
In office
24 September 2007 – 21 May 2012
PresidentVladimir Putin
Dmitry Medvedev
Prime MinisterViktor Zubkov
Vladimir Putin
Dmitry Medvedev
Preceded byHerman Gref
Succeeded byAndrey Belousov
Personal details
Born (1963-10-29) 29 October 1963 (age 59)
Ufa, Bashkir ASSR, Russian SFSR, Soviet Union (now Bashkortostan, Russia)
Political partyIndependent
SpouseYaroslav Kuzminov
Alma materMSU Faculty of Economics

Elvira Sakhipzadovna Nabiullina (Russian: Эльвира Сахипзадовна Набиуллина; Tatar: Эльвира Сәхипзадә кызы Нәбиуллина, romanized: Elvira Säxipzadä qızı Näbiullina; Bashkir: Эльвира Сәхипзада ҡыҙы Нәбиуллина; born 29 October 1963) is a Russian economist and current head of the Central Bank of Russia. She was president Vladimir Putin's economic adviser from May 2012 to June 2013 after serving as the minister of economic development from September 2007 to May 2012.[1][2] As of 2019, she was listed as the 53rd most powerful woman in the world by Forbes.[3]She has the federal state civilian service rank of 1st class Active State Councillor of the Russian Federation.[4]

Early life and education[edit]

Nabiullina was born in Ufa, Bashkir ASSR, on 29 October 1963[5] into an ethnic Tatar family.[6][7] Her father, Sakhipzada Saitzadayevich, was a driver, while her mother, Zuleikha Khamatnurovna, was a factory manager. Nabiullina graduated from school No. 31 of Ufa as an excellent pupil. She graduated from Moscow State University in 1986.[8][9] In subsequent years, she was selected for the 2007 Yale World Fellows program.[10]


Between 1991 and 1994, Nabiullina worked at the USSR Science and Industry Union and its successor, the Russian Union of Industrialists and Entrepreneurs.[8] In 1994, she moved to the Ministry for Economic Development and Trade, where she rose to the level of deputy minister by 1997; she left the ministry in 1998.[8] She spent the next two years with Sberbank as its chief executive and with former Economic Development and Trade Minister Herman Gref's non-governmental think tank, the Center for Strategic Development, before returning to the Ministry for Economic Development and Trade as first deputy in 2000.[8] Between 2003 and her September 2007 appointment as minister, she chaired the Center for Strategic Development as well as an advisory committee preparing for Russia's 2006 presidency of the G8.

Russian President Putin appointed Nabiullina to the post of minister of economic development and trade on 24 September 2007, replacing Gref.[1] She found working with then-deputy premier and finance minister Alexei Kudrin "difficult but always interesting"[11] and remained in that position until 21 May 2012.[2] In 2012 she was one of six senior government figures to accompany Putin back to the Kremlin administration after Putin was elected president of Russia for a third term. From May 2012 to June 2013, she served as Assistant to President Putin for Economic Affairs.[12]

Succeeding Sergey Ignatyev in 2013, Nabiullina was appointed head of the Central Bank of Russia, becoming the second woman after Tatiana Paramonova[a] to hold that position, and thus the first Russian woman in the G8.[17] In May 2014 she was named one of the world's most powerful women by Forbes, which noted that she "has been given the difficult task of managing the ruble exchange rate during Russian military operation in Ukraine and annexation of Crimea and facilitating growth for an economy trying to avoid a recession".[17] In an effort to stop the ruble's slide, the Central Bank of Russia, under her leadership, hiked interest rates, free-floated the exchange rate, and kept a cap on inflation,[18] thus stabilizing the financial system and boosting foreign-investor confidence.[19] Euromoney magazine named her their 2015 Central Bank Governor of the Year.[20]

In 2017, the British magazine The Banker chose Nabiullina as "Central Banker of the Year, Europe".[21]

On 28 February 2022, she gave a speech announcing a number of measures to combat the 2022 Russian financial crisis caused by the Russian invasion of Ukraine, including that the Central Bank of Russia's interest rate would rise to 20%, that the stock market be closed, and that capital controls would be instituted.[22] In March 2022, it was reported that she had attempted to resign her position, only to be ordered to stay in post by Putin.[23] In September 2022, the United States Treasury Department sanctioned Nabiullina.[24]

"Nabiullina's brooch"[edit]

There is a belief in the Russian media that the head of the Central Bank uses brooches at public events to signal the state of the economy and the regulator's plans. In 2020, Nabiullina appeared at press conferences with a brooch of a blue wave, a dot, a tumbler, a stork. In March 2021, when the increase in the refinancing rate was announced for the first time in three years, she appeared with a hawk.[25]

In September 2021, Nabiullina revealed the meaning of the brooches, which represent her own way of communication, an alternate language to "give the market a chance to reflect". Meanwhile, according to Nabiullina, the exact significance of any brooch should remain mysterious and is with rare exceptions ambiguous.[26]

In her speech on 28 February 2022 announcing measures to try and alleviate the 2022 Russian financial crisis, several analysts noted that she wore no brooch. Sergei Guriev of Sciences Po speculated that it "should not be read as she disagreed with Putin's policy, but as a sign that it is time to bury normal monetary policy," while adding that "I am sure she was not part of the narrow circle making the decision on going to war."[22]

Personal life[edit]

In the late 1980s while studying at the graduate school of Moscow State University, Nabiullina married a lecturer there, Yaroslav Kuzminov. Kuzminov became rector of National Research University Higher School of Economics (1994-2021), since July 2021 the academic supervisor of the HSE. They have a son, Vasiliy (born 13 August 1988), at present a Research Fellow at the HSE.[citation needed]


On 19 April 2022, Nabiullina was sanctioned by Australia after the 2022 Russian invasion of Ukraine.[27] On 30 September 2022, after the Russian annexation of southern and eastern Ukraine, she was sanctioned by the United States.[24] She was also sanctioned by New Zealand[28] and the United Kingdom.[29]


  1. ^ Tatyana Vladimirovna Paramonova (Russian: Татьяна Владимировна Парамонова; born 24 October 1950 Moscow, Soviet Union), who had been first deputy of the Central Bank since 1992, became the acting head of the Central Bank of Russia on 15 October 1994 after Viktor Gerashchenko resigned following the events on 11 October 1994 known as "Black Tuesday". On 2 December 1994 during her tenure, law enforcement raided Most-Bank. In late April 1995, Vladimir Vinogradov was very critical of Paramonova's leadership of the Central Bank and, subsequently, the Duma never approved her as the chairman of the Bank of Russia. On 24 August 1995 or "Black Thursday", the Moscow market for interbank loans collapsed which became the basis for Paramonova stepping down as acting head of the Central Bank on 8 November 1995. Sergei Konstantinovich Dubinin (Russian: Сергей Константинович Дубинин; born 10 December 1950 Moscow, Soviet Union), who was the former deputy chairman of the board of Imperial Bank which was led by Sergey Rodionov and focused on oil and natural gas supplies to East Germany and later to Germany including the oil-for-pipes program, replaced Paramonova and was approved by the Duma on 22 November 1995 to be the chairman of the Central Bank of Russia. Previously, Sergey Dubinin had been the acting finance minister of Russia from January 1994 until October 1994 when he was fired following the events of "Black Tuesday".[13][14][15][16]


  1. ^ a b Levitov, Maria (September 2007). "Putin Replaces Russian Economy Minister Gref With Nabiullina". Bloomberg.
  2. ^ a b "Russia's Putin switches economy minister to the Kremlin". Reuters. 24 June 2013. Retrieved 4 March 2022.
  3. ^ "The World's 100 Most Powerful Women". Forbes. Retrieved 31 March 2020.
  4. ^ "О присвоении квалификационных разрядов федеральным государственным служащим Министерства экономического развития и торговли Российской Федерации". Decree No. 1197 of 17 October 2002 (in Russian). President of Russia.
  5. ^ "Elvira Nabiullina" (PDF). ECE. Archived from the original (PDF) on 23 September 2015. Retrieved 25 August 2013.
  6. ^ "Человек в фуляре". 8 March 2010.
  7. ^ Evgenia Pismennaya; Gregory White (14 February 2017). "Putin's Central Banker Is on a Tear". Bloomberg News.
  8. ^ a b c d "Elvira Nabiullina. Biography" (in Russian). RIA Novosti.
  9. ^ BackGround People: Nabiullina, Elvira Sakhipzadovna, Russia Profile 28 July 2008 Archived 27 June 2012 at the Wayback Machine. Retrieved 27 June 2012.
  10. ^ "Yale University President Levin Announces Selection of 2007 Yale World Fellows". Yale News. 3 May 2007. Retrieved 24 March 2017.
  11. ^ Policy behind Kudrin ouster Archived 17 October 2011 at the Wayback Machine. Anna Arutunyan, Moscow News, 30 September 2011. Retrieved 27 June 2012.
  12. ^ "Указ Президента Российской Федерации от 21 мая 2012 г. N 674 "О помощнике Президента Российской Федерации"". Российская газета (in Russian). Retrieved 15 June 2021.
  13. ^ Буйлов, Максим (Buylov, Maxim) (11 December 2001). "Банки-2001: Кому принадлежит Россия" [Banks-2001: Who owns Russia]. Kommersant (in Russian). Archived from the original on 11 December 2001. Retrieved 22 March 2022.{{cite news}}: CS1 maint: multiple names: authors list (link) Alt URL Archive also contains Кому принадлежит Россия (Who owns Russia).
  14. ^ "Политический вектор / Председатель ЦБ России: МВФ хочет председателя Центробанка. И он его получит" [Political vector / Chairman of the Central Bank of Russia: The IMF wants the chairman of the Central Bank. And he will get it]. Kommersant "Коммерсантъ Власть" №43 (in Russian). 21 November 1995. Archived from the original on 23 March 2022. Retrieved 22 March 2022.
  15. ^ "Столяренко, Владимир Михайлович" [Stolyarenko, Vladimir Mikhailovich]. АНО «Экономическая летопись» (leptosis.org) (in Russian). February 2020. Archived from the original on 11 February 2020. Retrieved 22 March 2022.
  16. ^ Седунов, Александр (Sedunov, Alexander) (17 August 2015). "25 лет Всемирной Истории с Банком Империал" [25 years of World History with Imperial Bank]. Information Agency InterRight (in Russian). Archived from the original on 23 March 2022. Retrieved 22 March 2022.{{cite news}}: CS1 maint: multiple names: authors list (link)
  17. ^ a b "Russian Central Banker Nabiullina Among Forbes' Most Powerful Women". MoscowTimes.com. 29 May 2014. Retrieved 27 August 2014.
  18. ^ Kirby, Paul (16 December 2014). "Russia economy: What is the risk of meltdown?". BBC News. Retrieved 17 December 2014.
  19. ^ "Central bank governor Nabiullina displays crisis fighting skills". euromoney.com.
  20. ^ "Nabiullina named Euromoney Central Bank Governor of the year". euromoney.com.
  21. ^ "Central Banker of the Year 2017". TheBanker. UK. 3 January 2017. Retrieved 16 January 2017.
  22. ^ a b Partington, Richard (5 March 2022). "Russia's central bank head 'is mourning for her economy'". The Guardian. Retrieved 5 March 2022.
  23. ^ "Russia Central Banker Wanted Out Over Ukraine, But Putin Said No". Bloomberg. 23 March 2022. Retrieved 23 March 2022.
  24. ^ a b Flatley, Daniel (30 September 2022). "US Sanctions Russian Central Bank Chief Nabiullina". Bloomberg News. Retrieved 30 September 2022.
  25. ^ "Следите за брошками: сигналы Эльвиры Набиуллиной. Фотогалерея" (in Russian). RBC. 19 March 2021.
  26. ^ "Набиуллина объяснила значение брошек на её пресс-конференциях" (in Russian). Vedomosti. 17 September 2021.
  27. ^ "Russian Central Banker Nabiullina Gets Hit With First Sanctions". Bloomberg L.P. 19 April 2022. Retrieved 13 May 2022.
  28. ^ "Russia Sanctions Regulations 2022". Retrieved 11 February 2023.

External links[edit]

Government offices
Preceded by Chairwoman of the Central Bank of Russia