Elvira Nabiullina has enemies in high places. This autumn, Russia’s central bank governor triggered a wave of rage from Vladimir Putin’s oligarchs.

After the central bank raised interest rates to a 21-year high of 21pc in October, Sergei Chemezov, the boss of the state-run defence conglomerate Rostec and a former general, branded the decision a “serious brake on further industrial growth” and warned that Nabiullina’s policy could bring “stagflation” to the Russian economy.