Nabiullina varoittaa, että ryssälän taloudessa on käänne. Sisäiset boosterit käytetty; rahat ja resurssit lopussa. Vanha talousresepti ei enää toimi.
Russia’s Central Bank chief just spoke frankly about the state of the RUSSIAN ECONOMY — at Putin’s own flagship forum. Here’s what Elvira Nabiullina warned, and why it matters.
1/6 At the St. Petersburg International Economic Forum, Russia’s Central Bank chief Elvira Nabiullina made a rare admission:
“Many of the resources that fueled our growth over the past two years are now exhausted.”
Not oil. Not gas. She meant people, production capacity, and money
2/6 The Russian economy had been growing thanks to leftover internal reserves:
– excess labor
– underused industrial capacity
– spare banking capital
– and rainy-day money from the National Wealth Fund (NWF)Now those are running dry.
3/6 Some hard stats:– Unemployment is at a record low: 2.3%
– Factories are loaded at over 80% capacity
– Labor shortage: ~2 million workers (due to war + emigration)
– The liquid assets in the NWF have dropped 3× since 2022
Experts warn it may run out by 2026.
4/6 So why is she saying this and on a major state platform?
Because Nabiullina is not a politician. She's a technocrat.
Her job isn’t to hype the system, it’s to gently warn the elites that the old growth model is over. There are no free internal boosts left.
5/6 It’s also a form of bureaucratic signaling to the Kremlin and ministries: “we need a new direction"; expectation management: "don’t count on easy growth in 2025–2026"; institutional self-protection: “we warned you”.
6/6 What she’s really saying is:“The post-war recovery bounce is over. Without investment, reform, and new productivity — we stall. We may even overheat.”
No collapse yet — but stagnation is very real.
www.pravda.com.ua
