(Reuters] Russian Central Bank Governor Elvira Nubullina will need to manage a large-scale economic crisis. She must also deal with unprecedented uncertainty resulting from Western sanctions.

The Russian lower chamber of parliament voted in favor of Nabiullina being reappointed as the central bank chief. This is in support of President Vladimir Putin’s decision.

Nabiullina is now expected to lead the commodities-dependent economy through its most severe contraction since 1991. He will also be fighting the inflation, which rose to a twenty-year peak of 17.62%.

On Thursday, Nabiullina stated to lawmakers that the priority of her task was to ensure financial resources are available for a structural change of the economy.

We must ensure our economy’s competitiveness. The policy of isolation is not necessary in my opinion,” the Duma veteran central banker, aged 58, told lower chamber of parliament.

“Combatting inflation is also the most significant task. That’s something that nobody has forgotten.”

Nabiullina, the head of the central bank, stated that they will reduce the key rate at 17% in the upcoming meetings. This is a repeating Nabiullina’s intention to get inflation down to 4% before 2024.

Tatiana Orlova (lead emerging market economist, Oxford Economics) stated that “Nabiullina faces another challenging term,”

There will be many challenges that the central bank has to face, including how and when to lift capital controls as well as the potential need to recapitalise Russian banks.

So, in summary, CBR Governor Has Her Work Cut Out for She. Orlova stated that she wouldn’t like to be in her shoes.

Putin has the strong backing of Nabiullina (an economist and ex-Kremlin advisor who was the first female to head the Bank of Russia) who has repeatedly praised the work she has done since her appointment in 2013.

Nabiullina is widely respected by the international community as a top central banker, partly because of her efforts to control inflation. In April, Nabiullina was hit with sanctions as part Western-imposed penalties for Russia’s “special military operation in Ukraine” which started on Feb. 24, 2017.

Nearly half of Russia’s $640 million in FX and gold reserves has been frozen by sanctions. These actions have accelerated capital flight, pushed Russia toward a potential debt default and limited Russia’s access the international financial and trade systems.

“Hence the CBR will have a task of rebuilding the country’s FX buffer, in the meantime facing the challenge of investing it into assets that would be well-protected from seizure by the U.S. and its allies,” Orlova said.

The central bank will be looking at new economic realities in areas where existing trading relationships with other countries have been damaged.

“We must continue to work… The sanctions have disrupted regular payments for goods, services and many businesses have been affected by that. Nabiullina stated that international settlements are the top priority for both citizens and companies.