On September 27, 2024, Ukraine's Security Service (SBU) and the Office of the Prosecutor General announced charges against Elvira Nabiullina, the head of Russia's Central Bank, for allegedly aiding Russia's armed aggression against Ukraine.
The Ukrainian authorities claim that the evidence collected indicates that the Central Bank of the Russian Federation facilitated the preparation of aggressive warfare against Ukraine and continues to support it. The charges reference the regulatory and monetary policies of the Bank of Russia over the past decade, which Ukrainian law enforcement views as criminal actions.
Specifically, the establishment of Russia's national payment card system 'Mir' in 2014 is seen as a method to circumvent international sanctions that had led to the disconnection of Visa, Mastercard, and American Express in Crimea and later throughout Russia. Additionally, the creation of the Financial Messaging System (SPFS) is highlighted as an alternative to the SWIFT interbank transfer system, from which Russian banks were disconnected following the full-scale invasion.
The document states that Nabiullina took actions that allowed the continuation of aggressive warfare against Ukraine, including deploying 'field institutions' of the Bank of Russia in occupied territories, restricting currency operations in the domestic market, and offering credit holidays for 'participants of the special military operation' in Russia, which investigators believe aided mobilization efforts.
These charges mark the second instance of suspicion against Nabiullina in Ukraine. In January 2023, she was accused of infringing on Ukraine's territorial integrity due to decisions made regarding the closure of Ukrainian banks in occupied territories and the establishment of Russian banks there.
Unlike previous accusations, the allegation of conducting aggressive warfare is classified as an international crime under the Rome Statute, which should be prosecuted by all ratifying countries.
Nabiullina, who has been in Russian government positions since the late 1990s, is regarded as an experienced economist and one of the few 'liberal technocrats' in the state administration. Despite speculation about her resignation following her public appearances in black attire during the spring of 2022—interpreted as a sign of dissent against the invasion—she was appointed for a third term as head of the Central Bank by President Vladimir Putin and the State Duma.
The suspicion against Nabiullina also mentions the foreign currency reserves of the Central Bank of Russia. The use of these reserves to stabilize the ruble and compensate for losses allows the Russian military-political leadership to avoid social tensions, thus making it an instrument of aggression.
Ukrainian authorities hope that the charges against Nabiullina may lead to the freezing of Russian bank assets abroad as part of the criminal investigation. This includes over €200 billion in bonds and other securities held in Belgium's Euroclear.
Ukrainian courts have issued several rulings demanding Euroclear disclose information about Russian assets, including their exact value. However, responses to these requests have not been received.