For the second time in less than a decade, Elvira Nabiullina is steering Russia’s economy through treacherous waters.

In 2014, facing a collapsing rouble and soaring inflation after barely a year as head of the Central Bank of Russia, Nabiullina forced the institution into the modern era of economic policymaking by sharply raising interest rates. The politically risky move slowed the economy, tamed soaring prices and won her an international reputation as a tough decision maker.