The Russian government should reconsider the way the nation’s export-dependent economy is functioning under the current circumstances, according to the country’s central bank governor Elvira Nabiullina.
Speaking at the St. Petersburg International Economic Forum on Thursday, Nabiullina said that a “substantial part” of the country’s industry should work for the domestic market rather than relying on exports for revenue.
The governor added that most of Russia’s capital controls should be scrapped. The regulator introduced strict controls on currency operations in response to Western sanctions targeting the Russian financial system.