Russian oligarchs and business executives have directed their anger at the country’s state away from Putin – and have instead taken a swipe at their central bank’s governor.

The ongoing conflict between Russia and Ukraine has pumped up inflation and interest rates, leaving the elites disgruntled.

However, instead of blaming the war for the economic state, the Russians are aiming their discontent at the Russian bank governor, Elvira Nabiullina.

Russia’s Central Bank is widely expected to hike its key interest rate on Friday in its latest attempt to deal with the pace of price rises.

This follows the country’s consumer price index hitting 8.9% in November year-on-year, up from 8.5% in October. The increase was driven principally by rising food costs.

“Today’s central bank rates are a very serious challenge to the development of the economy and industry,” billionaire businessman Alexei Mordashov told RBC, a Russian business publication.

He said: “Is this the right medicine? I hope that the medicine does not turn out to be more harmful than the disease.”

President Vladimir Putin is facing increasing pressure from his elites as inflation remains stubbornly high.

The United States also recently imposed sanctions on the Russian financial system to target its war efforts which has contributed to the uncertainty.

A former Russian Central Bank official told The Wall Street Journal (WSJ): “The elites are fighting for survival and while they remain loyal to Putin, they are increasingly discontent,” adding that “Nabiullina has become a convenient target.”

Sergey Chemezov, a leading businessman and Putin ally, has echoed this sentiment too calling the interest-rate level “a serious brake on further industrial growth.”

“Taking out a loan at a crazy interest rate is suicide for a business,” he told Interfax news agency. “This is the path to bankruptcy.”

Russia’s benchmark interest rate is set at 21%, however this is expected to rise on December 20. Inflation remains at around 9% which has been attributed to a surge in the cost of milk and dairy products, as well as vodka.

Bankruptcy fears have also increased, the WSJ reports.

More than 200 shopping centres in Russia are reportedly under threat of going bankrupt due to the rising debt burdens, with nearly a third of freight carriers fearing bankruptcy next year.