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Reuters

Russia needs economic ‘perestroika’ to end reliance on energy exports – cenbank chief

Russia must reduce its decades-old reliance on exports of raw materials and stimulate private enterprise to avoid slipping back towards a Soviet-style technological lag with the West, the governor of the central bank said on Thursday. After the West imposed the most crippling sanctions in modern history to punish President Vladimir Putin for the war in Ukraine, Russia’s economy is facing its biggest contraction since the years following the 1991 fall of the Soviet Union. Elvira Nabiullina, feted as one of the last economic liberals left at the top table of Russian policy-making, has been left with the job of steering the $1.8 trillion economy through the challenges of war and sanctions.