Putin’s War Machine Funding Is Unscathed by Latest Sanctions

When the new US sanctions were announced, attention turned immediately to Nabiullina. She has served as Russia’s central bank governor since 2013 and was appointed to a new five-year term in March. Before that, she served as Putin’s economic adviser. She has managed the economic fallout from international sanctions, quickly adjusting to a wartime policy when the ruble tumbled 30%.

“I don’t think that sanctioning Governor Nabiullina itself is going to make that much difference, I think it’s more symbolic,” said Rachel Ziemba, a fellow at the Center for a New American Security. “The big question and step is about the price cap and what happens with the energy markets. That’s the piece that’s still not been addressed. So while it’s a very long list, I’m not sure it’s a full game-changer.”

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