'Putin's Closest Ally' Architect of Market Economy Reform Leaves Russia Opposing Ukraine Invasion

Central Bank Governor Announces Intention to Resign, but Putin Rejects

Anatoly Chubais, Special Presidential Envoy
[Photo by Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Anatoly Chubais, a special presidential envoy and architect of Russia's market economy reforms following the collapse of the former Soviet Union, has left Russia. As high-ranking Russian government officials opposing President Vladimir Putin's decision to launch airstrikes on Ukraine continue to emerge, attention is focused on whether President Putin will become isolated within his administration.

According to Bloomberg on the 23rd (local time), Chubais, a close aide to President Putin who held the position of Special Presidential Envoy for International Relations aimed at achieving sustainable development goals, resigned and departed the country. He is regarded as the highest-ranking Russian government official to step down since Russia began its military operation in Ukraine.

Chubais was the architect and executor of Russia's economic privatization plan in the 1990s and served as Minister of Finance and Deputy Prime Minister under President Boris Yeltsin's administration in the mid to late 1990s. After President Putin took office, he led the advanced technology center, Rosnano, and had held the position of Special Presidential Envoy for International Relations since December 2020.

Among the highest-ranking officials in the Russian government, several close aides have also stepped down in opposition to President Putin's decision to launch airstrikes. Last week, Arkady Dvorkovich, former President Dmitry Medvedev's chief economic advisor and Deputy Prime Minister until 2018, condemned Russia's invasion of Ukraine and resigned as CEO of the state-owned Skolkovo Foundation.

Elvira Nabiullina, Governor of the Central Bank of Russia
[Photo by Reuters]

Elvira Nabiullina, Governor of the Central Bank who has worked as a close aide to President Putin for nearly 20 years, recently expressed her intention to resign but was reportedly refused, according to Bloomberg. Facing a barrage of financial sanctions from Western countries and a plummeting ruble, the Central Bank Governor, who is at the forefront of the response, showed a willingness to step down.

She has held the governor position since 2013, with her term set to expire in June, but on the 18th, her third term was confirmed. On the day her third term was announced, she kept the benchmark interest rate at a record high of 20% and set an inflation target of 4% through 2024. Although Governor Nabiullina has not made any specific statements regarding the current situation, in a video message to staff on the 2nd, she urged them to "avoid political debates and focus energy on the tasks at hand," describing the current economic situation as "very extreme" and saying, "We would have hoped that such things would not happen."

Earlier, President Putin referred to high-ranking officials who opposed the invasion of Ukraine as "traitors" and "trash," warning that he would eliminate them.

This content was produced with the assistance of AI translation services.