Elvira Nabiullina

Governor, Sberbank Of Russia

Search every verified Elvira Nabiullina interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Elvira Nabiullina, Governor of the Bank of Russia, held several press conferences in June and July 2026 following meetings of the central bank's Board of Directors. On 19 June, the board cut the key rate to 14.25% per annum, and on 24 July, it cut the rate further to 14% per annum. Nabiullina described the observed acceleration of price growth as temporary and stated that the bank's underlying measures of inflation remained in the range of 4-5%. She noted that business expectations about demand had declined in June, which she said might suggest more moderate demand in the future. She also said that the central bank had revised its key rate path for 2026 and 2027 upward, citing a more expansionary fiscal policy and the risk of second-round effects from rising fuel prices. Nabiullina addressed the impact of Ukrainian drone attacks on oil refineries and logistics facilities, describing them as supply shocks that the government was addressing with administrative measures. She said the central bank was monitoring whether such shocks would have secondary effects on inflation expectations and underlying inflation trends. She stated that the central bank was not considering support measures for the insurance sector, arguing that insurers and the Russian National Reinsurance Company had sufficient capital to remain financially stable. Nabiullina also said that the central bank considered only a possible future reduction of the inflation target, not an increase, arguing that raising the target would lead to higher market rates and undermine credibility in inflation targeting.