Sergei Ignatyev, the chief of the Central Bank, spoke out on Thursday 12 March against the introduction of currency controls, echoing Prime Minister Putin’s public opposition to controls.

Some are calling for more controls to be used to stabilise the rouble and to prevent the depreciation of the currency, but Ignatyev claims the rouble is stable and reserves ware no longer being drained at the same level. He added, “I am personally strongly against the introduction of capital controls and think that it will not bring anything good, but will bring a lot of harm.”

Ignatyev and Putin also agree on the matter of interest rates, both claiming that inflationary pressures are best kept under control through retaining high interest rates. Putin stated, “If inflation is 13 percent, we cannot set the rates lower than that, it will destroy the economy,” according to Interfax news agency.

The strong stance on interest rates comes despite calls from industry and Russian politicians to make borrowing cheaper for struggling firms. Although the domestic credit market is almost non-existent, it not be up and running until inflation is back under control, it seems. Prices in Russia rose by 3.9% in January and February alone.