Meet Elvira Nabiullina, Putin's right-hand woman

Elvira Nabiullina, the governor of the Russian central bank, has been instrumental in steadying Russia's economy amidst the impact of sanctions.

Daniel McDowell of Syracuse University, a specialist in international political economy spoke about her abilities with Business Insider saying, "Nabiullina has been very effective at stabilizing the Russian economy, despite the enormous economic pressure from sanctions."

McDowell added, "While the standard of living in Russia has declined under sanctions, conditions would likely be much worse were it not for her shrewd decisions. I think it is fair to say that she is writing the playbook for how to respond to external sanctions pressure."

Holding the position of Russia's chief central banker since 2013, she was previously celebrated on the international stage. However, she is now perceived as a willing participant in Russia's conflict with Ukraine.

Women are scarce in Vladimir Putin's circle of power . Elvira Nabiullina is an exception at the court of the "new tsar" of Russia.

Since Elvira Nabiullina presides over the Central Bank of Russia and her opinion has a very important weight in the country. So much so that no comment has gone unnoticed that goes beyond the triumphalist official line. But who is this woman?

Of Tatar origins, Elvira Nabiullina was born on October 29, 1963 in Ufa, a town in the then Soviet republic of Bashkortostan, where the Ural mountains rise. She traveled to Moscow and there studied economics at the State University.

Elvira Nabiullina achieved a rising career within the Russian bureaucracy thanks to her tenacity and talent. Elivra got her start in the 1990s in the Union of Science and Industry and held various positions in the (semi-state) organization of Russian employers and in the Ministry of Economic Development and Trade.

Later she jumped to a 'think tank' but, immediately, Putin arrived and with him her trajectory changed forever.

Putin recruited her for his economic team in 2000, making her director of the dependent Strategic Development Center and in 2007 he appointed her as Minister of Economic Development and Trade.

Elvira is a powerful woman in a world men in Russian politics. In a BBC article, Elvira Nabiullina is described as "a woman of few words, as influential as she is enigmatic".

The culmination of her career came in 2013, when she was appointed president of the Central Bank of Russia, a much more important position than that of economy minister. Her decisions are absolutely decisive.

In the aforementioned BBC article, reference is also made to how Elvira Nabiullina herself has helped fuel the legend that she sends economic messages through the brooches she wears on each occasion.

As an example: in the midst of Covid, a brooch in the shape of a toy glass (according to the BBC) gave a message of encouragement because glasses like this fall but do not break. A little complicated. And even more so if interpreting other brooches like the one Elvira Nabiullina is wearing in this image.

Because of her position, Elvira Nabiullina has become an international figure. What about her personality or private tastes? Is there anything known?

Elvira Nabiullina is married, has a son, and is apparently a big fan of opera.

As for her economic management as president of the Central Bank of Russia, there are conflicting opinions: there are those who believe that she is a modernizer and has kept the country in a stable situation.

Then those who accuse her of being a mere puppet of the Kremlin without her own criteria. But the war with the Ukraine has shown that Elvira Nabiullina is capable of expressing an opinion that differs from the official propaganda.

Before the Russian parliament (the Duma), Elvira Nabiullina announced in April 2022 that Russia would suffer severely from economic sanctions. At first, the effects of these sanctions were more or less mitigated but, as Elvira Nabiullina assured the deputies, "we will enter a stage of structural transformation." What did she mean?

Elvira Nabiullina clearly explained to the Duma that the impact of the sanctions on the financial economy would be transferred, after a few months, to the real economy and that this would lead to problems in people's daily lives.

A pessimistic message that surprised in a country, Russia, where it seems decreed not to deviate a millimeter from the government's optimism.

Russia's big problem is that its isolation and war situation has caused the ruble to fall and along with it the Russian economy. Elvira Nabiullina has had to face a devilish situation.

But in the case of Elvira Nabiullina, as happens with most of her close collaborators (the Defense Minister, Sergei Shoigu , or the Foreign Minister, Lavrov ), we must take into account the close bond that the many years together give: more than twenty year together in her case.

In any case, Elvira Nabiullina is valued internationally as a specialized politician in the economic area and, if one day there is a Russia without Putin, perhaps this woman will have a prominent place in that future.