Putin’s Central Bank Is Also on the Battlefield in Ukraine
- Decorated military officer is Bank of Russia deputy governor
- Belov runs field institutions providing funds to troops at war
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President Vladimir Putin has increasingly put Russia’s economy on a war footing since his invasion of Ukraine. The central bank is also being enlisted for the fight under a decorated military officer installed as a deputy governor.
Sergey Belov’s role in charge of what are known as “field institutions” that effectively channel funding from the state budget to combat troops draws little attention. Unlike Governor Elvira Nabiullina and other top officials, he isn’t under international sanctions.