Russia’s central bank head ‘is mourning for her economy’

Elvira Nabiullina, noted for her symbolic outfits, wore funereal black when announcing the economic response to sanctions

Elvira Nabiullina could barely hide her unease. The governor of the central bank of Russia - famed for sending coded messages with her attire - had chosen to dress in funereal black as she warned about the devastating hit to the Russian economy from sweeping sanctions imposed by western governments in retaliation for the invasion of Ukraine.

With the rouble plunging by more than a quarter and queues forming for foreign currency, Nabiullina announced last Monday that the central bank's key interest rate would more than double to a record 20%, to curb soaring inflation. In steps to cushion the blow for ordinary Russians, capital controls would be put in place, while the stock market would temporarily close.