Russia's Central Bank chief wears black funeral dress, symbolic of 'economy's death'

Burdened by mounting sanctions, Elvira Nabiullina, chief of the Central Bank of Russia wore a black funeral dress to a press conference on Sunday, March 6, which many said embodied the 'death' of the Russian economy. Known for her symbolic attire in Russia, Nabiullina has predicted that the Central Bank’s key interest rate would more than double to a record 20% amid a spike in inflation and the plunge of the Ruble. Russia's economy is expected to shrink by 7% as a result of the hard-hitting sanctions and it was Nabiullina's attire that expressed the severity of the economic crisis loud and clear.

"This time she was in black and had no brooch. It should not be read as she disagreed with Putin’s policy, but as a sign that it is time to bury normal monetary policy," Sergei Guriev, a professor of economics at Sciences Po in Paris and a leading authority on Russia told The Guardian. He opined that Monday’s coded message was to demonstrate the severity of the blow being dealt by western sanctions.

Notably, the technocrat-turned-economist's attire has been a subject of scrutiny several times in the past. In May 2020, when the unprecedented COVID-19 pandemic set foot in the world, Russia had urged people to stay confined in their homes. During this time, Nabiullina had sent a message by wearing a house-shaped brooch. A month later, after cutting rates, she chose a pigeon; in Russian, the word also means "dove".

Sanctions akin to declaration of war: Putin

Russia's invasion of Ukraine has entered the 11th day, Rattled by the embargoes, Russian President Vladimir Putin, on Saturday, said that any sanctions on the Russian Federation were akin to a declaration of war. “These sanctions that are being imposed are akin to a declaration of war but thank God it has not come to that,” Putin said, speaking to a group of women flight attendants at an Aeroflot training centre near Moscow.

Earlier, he had threatened 'tough retaliatory measures' against the UK as it warned that it 'will not forget' London's 'sanctions hysteria'. Russian foreign ministry spokesperson Maria Zakharova hurled threats at the UK and its allies, as she said, "The sanctions hysteria in which London plays one of the leading, if not the main, roles, leaves us no choice but to take proportionately tough retaliatory measures. London has made a final choice of open confrontation with Russia.” 

(Image: Bank of Russia)