Russia's central bank governor wanted to resign over Ukraine, Putin refused: Report

Elvira Nabiillina, the highly regarded governor of Russia's central bank was reportedly going to step down from her post after Ukraine invasion was ordered. However, she continued on her post only when Putin asked her to stay, said Bloomberg citing sources. Russia invaded Ukraine on February 24.

She faces a hard road ahead navigating the Russian economy given the sanctions imposed on the country by the West.

Nabillina (58) is in office since 2013. She has been able to guide Russian economy through previous rounds on Western sanctions. These sanctions were imposed on Russia when it annexed Crimea.

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Nabillina's term as governor was extended last on the recommendation of Putin

On February 28, four days after Russian troops entered Ukraine, the central bank raised its main interest rate from 9.5 to 20 percent after Western nations imposed sanctions that largely cut Russia's financial sector off from the global economy.

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The Russian central bank's board held its main interest rate at 20 percent, as expected, at a regular meeting on Friday.

Nabiullina, who delivered a speech instead of holding her customary post-meeting press conference, said that it was "extremely difficult" to provide updated economic forecasts in the current conditions, but she would do so next month.

She nevertheless sought to strike a reassuring tone about the economy, saying the measures undertaken in response to the "unprecedented" Western sanctions helped avoid a run on banks and that the liquidity situation has stabilised.

"Inflation will remain elevated for a certain amount of time, but we won't allow an inflationary spiral develop," said Nabiullina.

(With inputs from agencies)