Nabiullina admits sanctions taking toll on Russian economy
Central bank preparing legal action in bid to unfreeze $300 billion of foreign exchange reserves
After an initial shock to financial markets, sanctions on Russia are now starting to bite for the real economy, Elvira Nabiullina told the Russian parliament on April 18.
“Our economy is entering a difficult period of structural changes associated with sanctions,” the Bank of Russia governor said in remarks.
Many countries worldwide are grappling with supply shortages, but the problem is far more acute for Russia, which is facing embargoes on many key imports as well as disruption to logistics
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