The head of the central bank says Russia needs to rethink its exports, but there shouldn’t be any controls on its capital.

(Reuters) -Elvira Nabiullina, the head of Russia’s Central Bank, said on Thursday that Russia needs to rethink its export-based economy to make sure that industry works for the domestic market rather than for exports. She also said that most capital controls should be removed.

At Russia’s biggest annual economic conference in St. Petersburg, where Nabiullina spoke, she said that a “substantial part” of Russian industry should start working for the domestic market instead of relying on exports for income.

She said that most of Russia’s capital controls should be gotten rid of and that Russians should not be banned from having bank accounts in U.S. dollars or other foreign currencies.

“There have been more and more restrictions on the currency,” Nabiullina said. “I think that most of them should be taken down,” she said.

In response to sanctions from the West, which included the freezing of around $300 billion in central bank reserves, Russia tightened controls on how money was used.

President Vladimir Putin has said that Russia will do well even though the West has put in place the harshest sanctions in modern history. However, Russia will have to change the way its $1.8 trillion economy is built.

Nabiullina warned that there were worries that Russia’s economy would suffer if it couldn’t use certain technologies.

She said that Moscow needed to look at private initiatives to ensure technological progress and stop a slide toward a Soviet-style situation in which Russia would fall behind its competitors.