Ukraine, Russian central bank plans legal action against sanctions

The Russian Central Bank plans legal action against sanctions imposed by the Western community following the war in Ukraine. This was stated by the governor of the Russian Central Bank Elvira Nabiullina, adding that “the reserves are not infinite” and that for this “it is necessary to transform the economy”. “The period in which the economy can live on reserves is over. Already in the second and third quarters we will enter a period of structural transformation and the search for new business models”, said Nabiullina, explaining that the sanctions have mainly affected the financial market, “but now they will begin to affect the economy more and more”. Russian companies will have to adapt because, he added, “the main problems will concern restrictions on imports and foreign trade logistics”. Furthermore, “Russian producers will have to look for new partners, new logistics or switch to the production of products from previous generations”, but “this will take time”. The Russian central bank is also considering issuing digital rubles.