Russia's central bank plays down stability risk from sanctions

Russia's central bank plays down stability risk from sanctions

Russian central bank chief Elvira Nabiullina said that the country's economy could withstand the latest US sanctions, even as the ruble continued its spectacular plunge against the dollar and the euro.

"The central bank has a broad spectrum of instruments in order to act in such situations, if risks arise to financial stability. In our view, there are not such risks now," Nabiullina told a conference in Moscow.

"There is no need to take some kind of systemic measures. Of course we will follow the situation and possibly introduce some revisions if necessary," AFP cited her as saying.

She said the central bank would be able to limit the influence of sanctions on the country's currently historically low inflation while acknowledging that the currency's value was a factor.

"We have worked out all the instruments, most importantly our policy on the interest rate, which allows us to limit the influence of this kind of event on inflation," she said.

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