Elvira Nabiullina, head of Russia’s central bank, has not been publicly seen for nearly three weeks amid growing speculation about her future and potential tensions within the Kremlin over the ongoing conflict in Ukraine. Nabiullina’s absence has raised questions after reports suggested she issued an ultimatum to President Vladimir Putin regarding the escalation of the war.
Nabiullina, who has led the central bank since 2013 and is credited with maintaining Russia’s wartime economy by building what has been described as a “financial fortress” to withstand Western sanctions, was last seen on May 28. She notably missed the recent St Petersburg economic forum—an event the Kremlin had planned to showcase stability before it was disrupted by Ukrainian drone attacks. She and other senior central bank officials also failed to attend a high-profile meeting with Putin on inflation and interest rates, as well as a memorial service for a presidential adviser, fueling concern about her status.
Her current term is set to expire in June 2027, and there had been speculation that Putin might extend it, underscoring the president’s reliance on her expertise. However, a source cited by an opposition Telegram channel stated that Nabiullina allegedly warned Putin she would only continue as central bank chief if he refrained from declaring martial law and closing Russia’s borders—measures likely to be accompanied by a wider mobilization to reinforce military ranks. According to this source, she communicated her stance diplomatically and awaited a response from the president.
Additional reports suggest unusual activity around Nabiullina’s residence, including the removal of security personnel, which an opposition economist linked to Kremlin displeasure with her apparent opposition to Putin’s war policies. Analysts see her as part of a more liberal faction within the Russian government, and her earlier appearances at the start of the conflict, including one where she wore all black, had been interpreted as a subtle sign of dissent, though she has not publicly addressed the invasion.
Meanwhile, criticism of Kremlin handling of the war has become more vocal. Vyacheslav Markhayev, a Communist Party member of parliament from Buryatia— a region bordering Mongolia that has suffered disproportionately high troop casualties — openly called on the government to present a clear plan to end the conflict. Markhayev warned of increasing social unrest and pointed to “ineffective leadership” as a key factor behind battlefield losses, directly challenging Putin at a level rarely seen among high-ranking officials.
As Russia continues to navigate the economic and geopolitical strains caused by the war in Ukraine, Nabiullina’s absence and the growing calls for accountability highlight internal divisions within the country’s leadership amid an uncertain future.