The obscure department that was managed before Belov by the central bank’s chief accountant has become a vital cog of the war economy as the Kremlin tries to coax more Russians to volunteer to join the fight by offering financial incentives and benefits.īelov’s reach has expanded with Russia’s occupation of parts of four regions of eastern and southern Ukraine after a government decree this year empowered the field institutions to handle budget resources for residents in the territories. When asked about the field institutions at a news conference in April, Nabiullina said only that they are functioning as intended. The central bank didn’t respond to a request to comment. “Now is the time in Russia for those from the military and security milieu - they have certain opportunities for a successful career in many civilian sectors.” “The appointment of a specialist with a military background to be responsible for cash circulation seems to befit the spirit of the times,” said Oleg Vyugin, a former first deputy governor at the Bank of Russia. Though large swathes of the economy have been enlisted to support the invasion, the Bank of Russia has sought to cast itself as a bastion of technocrats focused on fine-tuning monetary policy in a country under siege from unprecedented international sanctions.īank of Russia Sees Economy Growing as Sanctions Shock Fades They meet banking needs from opening a current account or handling cash withdrawals to money transfers and even issuing their own payment cards. The Bank of Russia operates almost 90 such field offices that are assigned to work near frontline units. By law, they are a military branch subject to military regulations. Run by the central bank on behalf of the Defense Ministry, the field institutions carry out banking transactions to ensure they bypass commercial lenders and avoid any exposure of state secrets.

It’s without recent precedent for the official in charge of the central bank’s military functions also to hold civilian responsibilities, according to Nikolai Krotov, a historian of finance in Russia. A graduate of the Defense Ministry’s economic academy, he previously ran the central bank’s division in Sevastopol, a city on the Ukrainian peninsula of Crimea that Putin annexed in 2014. Continued abuse of our services will cause your IP address to be blocked indefinitely.Belov, 52, became deputy governor of the Bank of Russia in May last year and oversees the field offices alongside the system of cash circulation. Please fill out the CAPTCHA below and then click the button to indicate that you agree to these terms. If you wish to be unblocked, you must agree that you will take immediate steps to rectify this issue. If you do not understand what is causing this behavior, please contact us here. If you promise to stop (by clicking the Agree button below), we'll unblock your connection for now, but we will immediately re-block it if we detect additional bad behavior. Overusing our search engine with a very large number of searches in a very short amount of time.Using a badly configured (or badly written) browser add-on for blocking content.Running a 'scraper' or 'downloader' program that either does not identify itself or uses fake headers to elude detection.Using a script or add-on that scans GameFAQs for box and screen images (such as an emulator front-end), while overloading our search engine.There is no official GameFAQs app, and we do not support nor have any contact with the makers of these unofficial apps. Continued use of these apps may cause your IP to be blocked indefinitely.

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