Government policy measures could reduce price volatility, inflation expectations – CBR chief

Elvira Nabiullina file photo

ST. PETERSBURG. July 13 (Interfax) – Government policy regarding the development of infrastructure, logistics and competition on food markets, as well as tariff regulation could help to reduce the volatility of prices and lower inflation expectations, Central Bank chief Elvira Nabiullina said at the International Financial Congress. “We need to fight not only with the consequences of shocks for inflation, […]

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Putin Nominates Bank of Russia Head Nabiullina for New Term

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(Bloomberg – bloomberg.com – Olga Tanas, Stepan Kravchenko – March 22, 2017) Russian President Vladimir #Putin told Bank of #Russia Governor Elvira Nabiullina he plans to nominate her for a new 5-year term, praising her stewardship of the central bank as the country emerges from the longest recession this century. “The central bank under your leadership has done a #great […]

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NEWSWATCH: “Russia’s economy grows at $40 per barrel oil; Russia’s Central Bank last week said appetite was low for an increase in lending rates” – UPI/Daniel J. Graeber

Elvira Nabiullina file photo

The Russian economy will be on the positive side of growth even if the price of crude oil falls to $40 per barrel … [Central Bank Gov. Elvira Nabiullina] said. … The number of economic sectors expected to expand this year is not much greater than those in contraction, but losers are outnumbered. Much … depends on the price of […]

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Russian Central Bank Chief Nabiullina Named European Banker of the Year

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(Moscow Times – themoscowtimes.com – January 4, 2017) The British finance journal The Banker has named Russian Central Bank Head Elvira Nabiullina as the European Central Bank Chairman of the year. The journal highlighted Nabiullina’s success in controlling Russia’s inflation rate. “The efforts of the Central Bank head has led to the fact that the rate of inflation by the […]

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Russian Banking System Safe From Cyber-Threats — Central Bank Head

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(Moscow Times – themoscowtimes.com – December 28, 2016) Russian Central Bank Head Elvira Nabiullina said that Russia’s banking system is protected against cyber-threats in an interview with the Rossiya 24 television channel. “I should say that our banking system currently has an adequate level of protection against cyber threats,” she said. Nabiullina also said the Central Bank has created a […]

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Russia’s Central Bank Wants You to Believe; Governor Elvira Nabiullina has introduced her own version of forward guidance. The results are mixed.

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(Bloomberg – bloomberg.com – Anna Andrianova – November 29, 2016) [Charts here bloomberg.com/news/articles/2016-11-29/russia-s-central-bank-wants-you-to-believe] When central bankers start making predictions about what they’re going to do in the future, reality often has other plans. Just ask Bank of England Governor Mark Carney, or Federal Reserve Chair Janet Yellen. Recent attempts at so-called “forward guidance” — telling the public how interest rates […]

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RUSSIALINK TASS: “Central Bank anticipates remaining anti-Russia sanctions”

Elvira Nabiullina file photo

“The recovery may be stretched over time at present because [economic growth] factors should be different, unlike those before the oil price collapse. We understand this pretty well and speak about changing the behavior model of the economy and its development model. Economic recovery signs surfaced by now and the Bank of Russia expects minor growth of GDP,” Nabiullina said.

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Putin’s Maverick Adviser Defies Nabiullina With $64 Billion Plan

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(Bloomberg – bloomberg.com – Anna Andrianova – October 30, 2016) Sergei Glazyev agrees with President Vladimir Putin that shock therapy would be ill-advised for Russia. Which is also where he parts ways with his boss. Ever since the central bank’s shift to a free-floating exchange rate in late 2014, the country has been under the onslaught of policies that have […]

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Russia Hones Bank Oversight in Biggest Shakeup Since Crisis

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(Bloomberg – bloomberg.com – Olga Tanas October 4, 2016) Russia’s central bank sidelined the officials who headed its unprecedented cull of lenders, rearranging its leadership in the biggest shakeup since a currency crisis last year. Dmitry Tulin, the first deputy governor in charge of monetary policy, will replace Alexei Simanovsky and take over banking regulation and supervision starting Oct. 17, […]

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Russian markets rode out Brexit volatility fairly smoothly – Nabiullina

Elvira Nabiullina file photo

ST. PETERSBURG. June 30 (Interfax) – Russian markets made it through the surge in volatility caused by the UK’s vote to leave the European Union fairly smoothly, Central Bank chief Elvira Nabiullina said at a financial conference on Thursday. “Speaking about Brexit, in or estimate its direct influence on the Russian financial system and economy will be fairly limited. We’ve […]

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Putin Swears Off Stimulus as Policy Mix Moves Toward ‘Orthodoxy’

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova – April 17, 2016) It was by no means the showstopper of President Vladimir Putin’s annual call-in with Russians, complete as it was with digs at the U.S. and justice dispensed on live television. Two days after Bank of Russia Governor Elvira Nabiullina urged reforms and warned against the “big illusion” of using inflation […]

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Putin’s Thaw With U.S. Gives Russia Room to Phase Out Stimulus

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(Bloomberg – bloomberg.com – Maria Levitov – November 18, 2015) Reining in stimulus just became a lot easier for at least one of the world’s policy makers: Elvira Nabiullina. Signs this week that Russia’s isolation in global politics may be coming to an end set off a rally in the nation’s assets as investors bet sanctions over Ukraine will get […]

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Russia’s Ailing Consumers Keep Door Open for Rate Cuts

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(Bloomberg – bloomberg.com – Ott Ummelas, Anna Andrianova – October 18, 2015) There may be a silver lining for the Bank of Russia in another batch of grim consumer data. While Governor Elvira Nabiullina has set a course for monetary easing to match slowing inflation, policy makers last month paused their easing cycle for the first time in 2015. The […]

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$50 Oil for 15 Years Isn’t What Scares Bank of Russia Governor

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(Bloomberg – bloomberg.com – Evgenia Pismennaya, Anna Andrianova, Ryan Chilcote – October 14, 2015) Fifteen years of oil at $50 a barrel isn’t the worst nightmare for Russian central bank Governor Elvira Nabiullina. “What worries me more is the pace of reforms in the economy that could stimulate private investment,” Nabiullina, 51, said in a Bloomberg Television interview on Tuesday. […]

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Russian economy ministry more optimistic than CBR about oil prices

Alexei Ulyukayev file photo

SOCHI. Sept 17 (Interfax) – Russia’s Economic Development Ministry is somewhat more optimistic about the outlook for the oil market than the Central Bank in its baseline scenario, which assumes an oil price of $50 per barrel in the next three years. “Our hypothesis is that it might be a little higher, but this is absolutely not crucial,” Economic Development […]

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Fractures Form Inside Russia’s Central Bank as Recession Deepens

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(Bloomberg – bloomberg.com – Evgenia Pismennaya, Ilya Arkhipov – August 12, 2015) In his first stint as a top Russian central bank official in the early 1990s, Dmitry Tulin saw how flooding cheap credit to dying industrial giants delivered hyperinflation instead of growth. Now back as the bank’s monetary chief, Tulin, 59, has argued internally for easier credit and more […]

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Interfax: Main indicators of Russian banking system point to its stability – Nabiullina

Elvira Nabiullina file photo

MOSCOW. Aug 10 (Interfax) – The main figures from Russia’s banking system show that it is stable and in a safe zone, Central Bank head Elvira Nabiullina said at a meeting with Russian President Vladimir Putin. “The situation in the banking sphere is a lot like a mirror of what is happening in the economy. Of course, outside factors can […]

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Interfax: Peak of inflation has passed, but risks remain – Nabiullina

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MOSCOW. June 8 (Interfax) – The Central Bank of Russia is expecting a reduction of inflation and noted that its peak has already passed, although risks exist for it, Central Bank Governor Elvira Nabiullina said. “Weekly inflation has remained at 0.1% for six weeks already. According to our estimate, we have passed the peak of inflation, we are forecasting its […]

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Russia’s economy doing well but not out of the woods – Central Bank chief

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(Interfax – June 4, 2015) Russia’s economy is doing better than expected but it still faces dangers and “crisis phenomena”, the head of the Central Bank said on 4 June, acknowledging the impact of “external factors”. “Current figures for the economy have proven better than economists expected but it is early to say that all the crisis phenomena have passed,” […]

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NEWSLINK Reuters: Russia cuts key interest rate, hopes worst of crisis over

File Photo of Elvira Nabiullina at OECD Event, at Podium and On Large Video Screen

Russia’s central bank cut its main lending rate by 1-1/2 percentage points on Thursday, its third rate cut this year, a sign that it believes the worst of an economic crisis is over. The cut to 12.5 percent follows the rouble’s recovery in recent weeks after a dramatic decline last year as global oil prices fell and Western economic sanctions […]

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No artificial liquidity crunch – Nabiullina

File Photo of Elvira Nabiullina at OECD Event, at Podium and On Large Video Screen

MOSCOW. April 7 (Interfax) – There’s no artificial deliberate liquidity crunch in Russia, Elvira Nabiullina, head of the Central Bank, said. “There’s no artificial liquidity crunch,” she said. She said the ruble was strengthening due to the stabilization of oil prices, and end to peak foreign debt repayments and a high key rate. “Some people have described the ruble’s strengthening […]

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The Central Banker Who Saved the Russian Economy From the Abyss

File Photo of Elvira Nabiullina at OECD Event, at Podium and On Large Video Screen

(Bloomberg – bloomberg.com – Evgenia Pismennaya and Ilya Arkhipov – March 25, 2015) It was Dec. 16 — the day Russian traders would later christen Black Tuesday — and the ruble was in a freefall. “Intervene! Intervene!” a central bank official shouted. Governor Elvira Nabiullina watched the currency on her tablet screen react to her emergency rate increase. No, she said, […]

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Picking through the ruble

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(Business New Europe – bne.eu – MOSCOW BLOG: Ben Aris in Moscow – December 16, 2014) The Russian ruble crashed again on December 15, in the biggest fall since the last big crisis in 1998. The Central Bank of Russia (CBR) belatedly stepped in with a huge interest rate hike overnight, but it has been roundly criticised for being “behind […]

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Interfax: Russian central banker says economy can withstand lower oil price, sanctions

Elvira Nabiullina file photo

(Interfax – November 18, 2014) The head of the Russian Central Bank, Elvira Nabiullina, has said that the economy would retain stability if things go less than well, i.e. if oil prices averages 80 dollars per barrel and sanctions continue until the end of 2017. Speaking in the State Duma on 18 November, she added that Russia’s financial system was […]

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Profile: Elvira Nabiullina, Woman at Center of Russia’s Ruble Collapse

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(Moscow Times – themoscowtimes.com – Howard Amos – November 15, 2014) Reaching the climax of a personal attack on Russia’s Central Bank chairwoman Elvira Nabiullina in a debate in the State Duma early last week, Communist deputy Vyacheslav Tetyokin did not hold back. Nabiullina, he said, was “the most expensive woman in the history of our country.” Tetyokin was incensed […]

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Ruble’s Fall and Food Import Bans Send Inflation Ever Higher

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – October 6, 2014) Year-on-year inflation hit 8 percent in September, driven up by the plummeting value of the ruble and Russia’s bans on many food imports from the United States and European Union, according to data from state statistics service, Rosstat. Rising food prices were the main driver, climbing 11.4 percent year-on-year in September, up […]

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RIA Novosti: Geopolitics Poses Risks to Russian Financial Stability – Bank of Russia

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MOSCOW, April 2 (RIA Novosti) – A review of ratings of Russian borrowers and the threat of their exclusion from international capital markets may affect Russia’s financial stability, the head of the Central Bank of Russia said Wednesday. “The geopolitical risks are large, especially if our banks and companies run into limitations on refinancing in Western markets, and a review […]

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Targeting Inflation: The Right Move for the Long Haul

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(Russia Beyond the Headlines – rbth.ru – Stanislav Savinov, special to RBTH – February 3, 2014) Stanislav Savinov is a macroeconomic analyst at UFS Investment Company in Moscow. New leadership has given the Russian Central Bank a fresh dynamism that was sorely lacking. The new head, Elvira Nabiullina, is shaking things up, in part by making inflation Enemy No. 1. […]

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State Boosts Grip on Economy With Bank Crackdown

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Alexander Panin – December 26, 2013) For some bank depositors, the second half of 2013 has been a year to increase their intimacy with the state, whether they wanted to or not. Anyone with funds in the more than 30 small and medium-sized commercial banks that lost their licenses this year would have gone to […]

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Interfax: Fears for Russian banking sector stability “groundless” – Central Bank head

Elvira Nabiullina file photo

(Interfax – Moscow, December 18, 2013) Russia’s banking sector has improved its financial indicators in 2013 and concerns over its stability are groundless, Elvira Nabiullina, chairwoman of the Central Bank of Russia, said on Wednesday [18 December] at a conference organized by the Association of Russian Banks. “Concerns over the stability of Russia’s banking sector are absolutely groundless,” she said. […]

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Russia Holds Rates as Nabiullina Looks Past Slowing Economy

Elvira Nabiullina file photo

(Bloomberg – bloomberg.com – Olga Tanas & Scott Rose – October 14, 2013) Russia’s central bank left its main lending rate unchanged for a 13th month and removed a signal that it will keep monetary policy on pause as inflation dropped into its target range for the first time since August 2012. Bank Rossii left the one-week auction rate, its […]

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Nabiullina Seen Holding Russia Rates as Inflation Limits Options

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(Bloomberg – bloomberg.com – Scott Rose & Olga Tanas – July 10, 2013) Elvira Nabiullina will probably kick off her tenure as Russia’s monetary policy chief by holding rates as inflation remains above target, which her predecessor blamed for the lack of monetary easing the past nine months. The central bank will leave the refinancing rate at 8.25 percent at […]

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Putin’s Central Banker Nabiullina Recites Verlaine as Regulator

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(Bloomberg – bloomberg.com – Evgenia Pismennaya – June 12, 2013) Vladimir Putin is handing the keys of his central bank to a poetry-loving Francophile who pays homage to the victims of Russia’s totalitarian past. The first woman to head a Group of Eight central bank, Elvira Nabiullina’s appointment surprised even herself, according to four colleagues who asked not to be […]

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Putin Said to Face Rift on Central Bank Role in Economy Plan

Russian Central Bank file photo

(Bloomberg – bloomberg.com – Evgenia Pismennaya & Olga Tanas – May 16, 2013) Russia’s government is split over empowering the central bank to support the economy as part of efforts to revive growth, leaving President Vladimir Putin to decide, according to an official familiar with the proposals. While the government suggests lowering bank loan rates, slowing utility-price increases and compelling […]

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How Elvira Nabiullina Can Improve Russia’s Central Bank

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(Bloomberg – bloomberg.com – Andrey Kostin – April 29, 2013) Andrey Kostin is chairman of VTB Group, Russia’s second- largest lender. He is also chairman of the B20 financial- stability task force. Russia’s central bank is about to get a new chairman and, as at the Bank of England, the imminent arrival of a new broom has raised expectations of […]

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Putin’s Central Bank Pick Avoids Kuroda-Style Revolution

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(Bloomberg – bloomberg.com – Olga Tanas & Scott Rose – April 10, 2013) Elvira Nabiullina is declining to follow in the footsteps of Mark Carney and Haruhiko Kuroda and become an agent of change at Russia’s central bank. Nabiullina, backed by lawmakers to become the first woman to head a Group of Eight monetary authority in June, pledged continuity yesterday […]

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Russian govt will not influence Central Bank independence in order to speed up econ growth

Igor Shuvalov file photo

(Interfax – MOSCOW, April 3, 2013) The Russian government will not influence the Central Bank’s independence in decision-making in order to accelerate economic growth, First Deputy Prime Minister Igor Shuvalov said at a conference entitled ‘Economic and Social Modernization’ at the Higher School of Economics on Wednesday. “The key principles behind the Central Bank’s work will continue and, eventually, they […]

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Putin’s Top Bank Nominee Urges Growth Model Rethink

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(RIA Novosti – MOSCOW, April 3, 2013) ­ Former Economics Minister Elvira Nabiullina, nominated by President Vladimir Putin to head the country’s Central Bank, said on Wednesday Russia needed to rethink its model for growth amid the current global economic uncertainty and mounting problems in the eurozone. “We need to change our economic growth model and get focused on internal […]

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Russian Monetary-Policy Changes Are Possible, Putin’s Pick Says

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(Bloomberg – bloomberg.com – Artyom Danielyan & Olga Tanas – March 22, 1013) Russia’s central bank may change its monetary policy even as its new leadership focuses on continuity, said Elvira Nabiullina, President Vladimir Putin’s nominee to take over as Bank Rossii chairman in June. “Policy continuity should be maintained, because the credibility factor is very important in the banking […]

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Putin Nominates Economic Aide as Head of Central Bank

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MOSCOW, March 20 (RIA Novosti) ­ President Vladimir Putin has submitted to the State Duma the candidacy of his economic advisor, Elvira Nabiullina, for the head of Russia’s Central Bank, the Kremlin said on Wednesday. Putin first proposed Nabiullina’s candidacy on March 12 at a meeting with incumbent Central Bank chief Sergei Ignatyev, who has served three successive terms and […]

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New Central Bank Chief likely to Focus on Growth

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(Russia Beyond the Headlines – rbth.ru – Tim Wall, RBTH – March 15, 2013) Elvira Nabiullina will probably increase Kremlin control over the regulator, but have to balance conflicting demands for looser monetary policy and lower inflation. While President Vladimir Putin’s nomination of Elvira Nabiullina, a former economy minister, as Russia’s new Central Bank chief, has been hailed as a […]

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Nabiullina Likely to Pursue Dovish Policy, Yield to Political Pressure

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(Moscow Times – themoscowtimes.com – Howard Amos – March 14, 2013) Asked to end speculation about the identity of the next chairman of Russia’s Central Bank, President Vladimir Putin promised an “unexpected” candidate who would be well received. When it did come, the announcement that presidential adviser and former Economic Development Minister Elvira Nabiullina would fill the post was a […]

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Kremlin Embarks on Personnel Intervention at Central Bank

Elvira Nabiullina file photo

MOSCOW. March 13 (Interfax) – One of the most suspenseful appointment decisions of the past year has come to an unexpected expected conclusion. On one hand, Kremlin adviser Elvira Nabiullina only recently emerged as a potential candidate to replace Sergei Ignatyev as chairman of the Central Bank of Russia (CBR). On the other, after President Vladimir Putin said that he […]

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