Russia’s central bank is racing to stabilize the ruble ahead of an election seen as key to restoring Putin’s authority after the Wagner mutiny.
-- The ruble is slumping, the shock of a failed mutiny has yet to fade and the war in Ukraine has crossed the 18-month mark with no end in sight.
The government is also working on a three-year budget plan that will offer pre-election sweeteners including additional stimulus measures that could contribute to inflation, one of the people said, adding to the urgency to get the ruble under control. “Domestic political considerations favor tighter monetary policy,” said Alexander Isakov, Russia economist at Bloomberg Economics. “If the ruble were to continue losing value it would have lifted inflation by 1-1.
Many within the elite were astonished by his weak response to the mutiny and subsequent failure to punish Prigozhin, stirring unease among officials about the potential for high-level in-fighting or further challenges. Discontent over Russia’s failures on the battlefield is still simmering inside the security establishment.
“The country will not survive another six years of power of this useless coward,” he said of Putin on his Telegram channel, which has almost 840,000 followers. The president should “ensure a transfer of power to someone truly capable and responsible.” Russian officials are looking to regional elections taking place on Sept. 10 as the start of a campaign that will restore any lost authority or doubts over his future at the helm.
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