Sanctions imposed by Western countries against Russia last year were beyond the worst-case scenario, the Central Bank’s Governor Elvira Nabiullina said addressing the Russian State Duma.
"Of course, it was hardly possible to get prepared for such an absurd flow of sanctions as external conditions developed for us beyond the worst-case scenario. However, the balanced and firm policy of previous years, the crisis-fighting experience enabled us to respond efficiently," she said.
The Russian economy and financial system demonstrated its stability in difficult periods, Elvira Nabiullina noted. "Companies and citizens once again demonstrated the ability to quickly adjust to new circumstances. State support measures were sufficient and enabled the economy to get through a burst of sanctions. Banks and other organizations operating in the financial sector worked stably, providing the country with necessary financial resources," the regulator’s chief said.
In turn, the Bank of Russia pursued the policy that ensured maintained financial stability and quite fast recovery of price stability, Nabiullina concluded.
