No Putin Yes-Man on Policy as Nabiullina Stalks Inflation

A year into the job, Russia’s central bank chairman is proving to be anything but a yes-man for President Vladimir Putin.

Bank of Russia head Elvira Nabiullina’s determination to tackle inflation and bolster the ruble has led to two interest-rate increases since February, to 7.5 percent, and a warning that more may be on the way. The hawkish policy helped weaken Russia’s $2 trillion economy amid U.S. and European sanctions following Putin’s annexation of Ukraine’s Crimean peninsula.