Timothy Ash, who followed the bank cleanup five years ago, writes from London:

Timothy Ash, who followed the bank cleanup five years ago, writes from London: “The problem with Rozhkova’s demotion is that it sends a clear message that the 2015-17 banking reforms were somehow erroneous or at fault. It’s not a vote of confidence in her or those banking reforms. And I think it sends a general message to reformers in government that your efforts in enacting difficult and unpopular reforms will not be backed/supported by your superiors.”