Scoop: Nabiullina’s successor short list Elvira Nabiullina’s third term as Governor of the Bank of Russia expires on June 24, 2027 — and under current law, it will be her last. The president is required to submit a nomination to the lower house of parliament (the State Duma) no later than three months before that date. But the Duma’s role is largely ceremonial: in practice, the choice of Russia’s central bank governor comes down to one person — Vladimir Putin. With roughly a year left before he must act, no name is being floated in either official or unofficial circles, a senior government official told The Bell in March 2026. “Nabiullina herself is operating on the assumption that she serves out her term with no extension,” a person close to her said. Even so, bankers and officials are quietly circulating a short list of plausible candidates. Three names come up. 1⃣ Maxim Oreshkin, deputy head of the presidential administration. “He used to want it, but apparently not anymore — he’s comfortable where he is in the Kremlin,” a federal official told The Bell. 2⃣ Pyotr Fradkov, CEO of Promsvyazbank (PSB), the state lender that serves as the financial backbone of Russia’s defense industry, and the son of former prime minister Mikhail Fradkov. “His name probably came up because PSB has become one of the most important banks in the country. But there are no real conversations happening,” a source told The Bell. 3⃣ Andrei Kostin, chairman of VTB, Russia’s second-largest bank. “Kostin doesn’t like the idea — he’s fine where he is. Oreshkin would rather be prime minister. Fradkov would agree to anything. Nabiullina wants out, but her feelings are mixed,” according to a source familiar with the discussions. 4⃣ A fourth scenario is also on the table: keeping Nabiullina for a fourth term. “The law can always be changed,” two federal officials told The Bell with confidence. The procedural bar is not especially high — the Central Bank Law (Federal Law No. 86-FZ) is ordinary federal legislation, not a constitutional statute. “He trusts her enormously,” a person close to Nabiullina said of Putin. Keeping an ostensibly independent central bank governor in place also serves a political function: when business allies push for cheaper credit, Putin can always tell them to take it up with her first
