"Great opera conductors need remarkable character, intuition, and leadership qualities. There is no doubt that Elwira possesses all these traits – and more," praised ECB President Christine Lagarde Elwira Nabiullina in a tribute 2018 enthusiastically. Nabiullina isn't an opera conductor, but like Lagarde, she is an avid fan of this art form. And like Lagarde, the Russian economist heads a central bank.

Nabiullina has been the Chairwoman of the Central Bank of Russia since June 2013. During her tenure, Russia annexed Crimea in 2014 and then initiated the ongoing invasion of Ukraine in 2022. Coming from a Tatar family, she plays a crucial role, ensuring that the Russian ruble remains relatively stable despite the war, preventing runaway inflation, and averting economic collapse.

Nabiullina is considered economically liberal. Shortly after Russia's invasion of Ukraine, the central bank raised interest rates from 9.5% to 20% under Nabiullina's leadership to counter the ruble's sharp decline. Later, she supported the largely isolated Russian economy with interest rate cuts. Recently, due to the weak ruble, she has raised interest rates again. Even before the war, the central bank invested $643 billion in foreign currencies to make the Russian economy less dependent on global financial markets.

Last Friday, the interest rate in Russia was raised from 13 to 15%. One of the main objectives, to strengthen the ruble, which has been one of the weakest currencies this year, was achieved at least immediately after the interest rate hike.

For Russian President Vladimir Putin, she is a crucial support in his war plans, although Nabiullina, who has turned 60 on Sunday, is regarded as economically liberal and well-connected in the West. She could propbably have pursued a career in the West in 2022 with her strong international reputation. So why did she choose to remain at the helm of the Russian Central Bank?

Observers and colleagues disagree on this. According to various Western media reports, she attempted to resign after the war began. However, Putin did not agree to it.

Alexandra Prokopenko, a former advisor to the Russian central bank, finds this version not credible. She told the news portal "T-Online" that Nabiullina's sense of duty to the Russian population compelled her to stay. Prokopenko also describes her former colleague as a cool, calculating economist. According to this emotions do not influence her decisions.

Observers link Nabiullina's critical stance on the Russian invasion to her clothing choices. Since the start of the war, she has predominantly worn black in her public appearances – a departure from her style before February 2022. It is undeniable that the central banker, who was named one of the world's most influential women by Forbes in 2021, uses her clothing for statements.

When the Russian population was urged to stay home due to the pandemic, she wore a house-shaped lapel pin at public events. During an interest rate decision, where she disappointed market hopes for a rate cut once again, she wore a brooch in the shape of a bird. "This is a winter bird that can withstand long frosts. It's very persistent," she explained at the time.

Whether or not she condemns the Russian war, a move by Nabiullina to Western economies is likely ruled out by now. Due to her role in the war, she is now considered as a persona non grata in the West.

Nabiullina, who has achieved significant success in fighting financial crime in Russia by closing around 500 corrupt banks, can console herself with the fact that her official Russian retirement age is not too far away. Then she'll have more time to pursue her hobbies, including opera singing and French poetry.