Panicked Russian Elites Pull Record-Breaking Sums Out of the Country

Putin and Nabiullina Are Staring Down the Final Fail-Safe

Russia’s war economy just hit a two-year low in oil revenue — the lifeblood of its state machine — as crude prices dropped and the ruble strengthened at exactly the wrong time. Under normal circumstances, Elvira Nabiullina, the Russian central bank chief, would have allowed the ruble to weaken to cushion the impact.

But she hasn’t.