In revealing testimony before the Duma parliament, the head of CBR told she had to throw everything but the kitchen sink just to prevent a full-blown run on the banking system. “The sanctions imposed against Russia affected the situation in the financial sector, spurred the demand for foreign currencies, and caused fire sales of financial assets, a cash outflow from banks, and surging demand for goods,” said Elvira Nabiullina ... Presenting the CBR’s annual report to parliament, Nabiullina painted a picture to lawmakers of just how grim the situation was that confronted her. Depositors withdrew 2.4 trillion rubles in the...