Nabiullina's Return Leaves Questions About the Central Bank's Independence

Elvira Nabiullina returned to lead Russia's central bank after a mysterious early-June absence fueled resignation rumors. Her reappearance matters: while she was sidelined, Putin publicly called for rate cuts—unusual pressure on an institution meant to operate independently. With her mandate expiring, her next policy moves and any renewal will reveal whether she still controls inflation strategy or the Kremlin has tightened its grip.