Nabiullina has skipped several high-profile engagements over the past week, including the St. Petersburg International Economic Forum. Her absence from a major macroeconomic panel—where she was scheduled to appear alongside Finance Minister Anton Siluanov and presidential aide Maxim Oreshkin—has fueled speculation, as she has not been seen in public since a late May trip to Kazakhstan. The central bank maintains that the governor, whose current mandate concludes next June, is on sick leave.

Despite mounting pressure from the business community, which blames high borrowing costs for a sluggish economy, Putin defended the bank’s record. The benchmark rate, which peaked at 21% last year to combat runaway inflation, is currently at 14.5%. With economic growth projected at a modest 0.4% for the year following a 0.2% contraction in the first quarter, the government is searching for ways to stimulate activity beyond monetary adjustments. Officials point to a combination of Western sanctions, a strong rouble, and restrictive credit as the primary drivers of the recent downturn, though the central bank reported a slight uptick in activity throughout April and May.