so, uh, is it possible to modify this uh instrument, this element of the budget rule? well, we are just the same now, he is just waiting for this bill. look, he is sitting so happy, he says, we will work four shifts. okay. thanks a lot. e no. sorry no, uh colleagues. let's democracy ended at the first vote. that's not necessary. eh, here, eh! we understand perfectly well that the sanctions are the first financial blow - this is the first blow of such a strongest inflicted on the financial system. the purpose of this is absolutely. it is clear that the largest banks in the country are sponsoring. tomorrow can be really any other. this is something that is beyond our control, and we cannot influence it. here i have a slightly different question. here's what you see models. here we talked about the model of the economy. and

how do you see the model of the financial system and its place in solving those problems that you all just talked about, here, uh, well, conditionally there is a sovereign banking system in this situation , the system is like a tool for financing start-ups. there are some priority breakthrough industries and so on. for god's sake, how do you see it? i think this is very important for everyone. indeed, it is very important what will be and what will be the economy, where we are going and, accordingly, what will be the model of the financial system. well, in such uh, periods of difficult periods, we can say existential changes, we have two extremes. let's tear it all down. from a clean slate. let's build something completely new, and the second. let's not. we won't change anything perhaps the situation to adapt to means, what we are used to such a certain troops, and the truth, as always, is probably somewhere in the middle. and why am i

talking about this, because there are some basic things that we forget. that's what the financial system is, the financial system is an intermediary. here we forget that this is an intermediary, this is it, then the financial system takes money from those who have savings and gives it to those who want it to receive debt for development for investments and so on, so this is always. balance of interests savers and e, respectively, those who want to receive. the money must be returned by the depositor to the creditors, and therefore the stability of the financial system is an unconditional value. you understand, regardless of whether we are going through a period of structural adjustment, we are not going through its stability of the financial system - these are just the conditions for the trust of those who give money. you understand for use, because when we see it, we

talk about banks and talk only about the availability of bank lending. availability bank lending is very important, but we always forget once again that this is an intermediary and the stability of the financial system is very important, and therefore, we will, of course, follow this, this is unconditional and this means the following yes financial system and structural restructuring of the economy, which is the financial system should finance will finance. it should not be due to the fact that more is shifted. disks to depositors creditors and those who give this money and business, people keep in banks, the income they earn, and they must be unconditionally protected, so sustainability again. i'll repeat. this is what should not change now about what should change and what tasks the financial system faces. the first one is rather urgent. this is

the creation of the entire system of international settlements. yes, we have created a national payment infrastructure that we can rely on now, but in international settlements. we have so far continued to rely on elements of the international system. although we offered to connect to our there, the system for transmitting financial messages should switch to settlements in national currencies, but it is clear that this was not going smoothly. so far, valka has been working in the past, and therefore, now, of course, the task is to build on a bilateral multilateral basis of interfacing with the payment systems of other countries, that is, in fact, an international settlement system based on partnerships. this is the first task that needs to be solved, the second task is what we talked about. the key task is really the financial system. while maintaining stability, to finance the system to finance the restructuring of the economy, which we see here on the one

hand. and as i said, you can not overly risk the money of depositors. we all understand this very well, we must protect, on the other hand, risks have objectively grown. for the same bank lending is one thing. you represent a loan to a well-functioning company that earns is understandable, the cash flow is another matter for an enterprise that is looking for markets, it changes suppliers. and in general it is not clear whether it will find risks or not, actually credit increased. and what to do in this situation? here are the approaches first, based on the principle of sustainability, we should not force banks to take and lend to unrecoverable or too risky projects by exposing depository clients to risk, but we are going to adjust the regulation, and we are now discussing with banks and with all participants in order to to let some part of the risk into the banking system,

because, in principle, we have a banking system. look, the pandemic has gone well. now we are looking at who will need capitalization to what extent, but with such a blow e sanctions, in principle, the financial system coped well with it in the future. we will look at how we can differentiate regulation in order to stimulate banks not just to work for current profit and so that they finance primarily transformational projects, how did we plan to do this ? that was discussed even before the pandemic. all these events stimulate funding for green projects from g and so on. uh, but when uh, then uh, at the same time, uh, we expect and there should be interaction with the government. the criterion for such transformational projects is precisely the criteria, and not a set of criteria projects that are open to private initiative, to under the guise of bank lending. we didn't just have directive funding. that is,

these should be, uh, market projects, but according to certain criteria, the second thing we understand is that banks should not replace development institutions. yes , we understand that these transformational projects have a commercial component, which can be limited. there may not always be a cash flow that allows you to return e money. e, respectively, creditors and depositors, so we need hybrid mechanisms for development institutions and the role of surety guarantees in this period. seriously increasing we need to make, by the way, and some of them full-fledged, so that they hmm have confidence in these guarantees, but hybrid financing instruments are very important. the next thing that is important is the change in the ratio of debt and equity financing. we talk about it a lot we have a lack of debt in the country. we are short of capital. with us, and debt is generally a shoulder. this is when you have a project, there is capital invested

and with a loan. you can expand production, we are replacing one with another, and, of course, we need to create opportunities for direct investment. it's sorry and uh hmm uh the investment climate and all that's behind it while uh u all worked hard together to get people into the stock market and we had a massive influx of retail investors now for them a period of disappointment, because the value of many securities has fallen, some assets are frozen. and this is a challenge for all of us. how to return this trust of private investors to the stock market. and for investments. it's uh, hmm, a set of problems that we're tackling, and the last thing you mentioned is innovation. we need to learn how to do what we weren't able to, we weren't able to finance start-ups, traditional institutions. this is not the best way to fund innovation with venture capital funding.

this is not something that is financed through banks. we have there is no system of business angels in venture funds , an attempt to create a state institution and financing of innovation has led to the fact that you understand the entire control oversight system is known. yes, she is not a set-up wedding, funding, venture funding. you have one project fired from 20:30. and they immediately come to your guest rooms, check and ask, which means, where was the money taken away and therefore find mechanisms to create private structures that finance innovation, and without this there will be no technological development. this is ours joint task with the government. and we will have to decide here what to do? yes, there are crowdfunding platforms and so on. they developed very poorly, maybe they will develop now, but here are incentives, and without incentives, this will not develop in itself. and if we are talking about the cost structure. colleagues were talking about this, what? budget spending is important. it seems to me that these things should be supported. you can

then here again, uh, for understanding. here, uh, again, the question that you said it. model, i think that's because reshetnikov was nodding, i realized that finally here, uh, minak development of the central bank agreed on everything. and here are your plans, about which you spoke, not now, but just watched your speech on the virtual currency conversion from the fnb. that is, simply put, frozen funds. this is not random hidden financing of the federal budget deficit at the expense of, e, the bank of russia, and will this not drive up inflation? no is not. ah, well, really the costs of the nwf. now in conditions when gold and foreign exchange reserves are frozen. it is not accompanied by the sale of currency what is called the word they all love

sterilization. yes, that is, we used to, when we gave money from the budget, we simultaneously sold foreign currency, and how to absorb these rubles. we've been doing it successfully for many years. it is now. the contribution to the money supply is indeed a contribution to the money supply through the budget channel, and we take this into account when making a decision on the key rate so that inflation does not accelerate, but i would like to say that the use of the nwf, even in these under conditions, this is still the use of government funds, which is on the account of the government of the central bank. this is the return to the economy of those funds that in previous years were accumulated under the budget rule. that is, this is not mission financing from the air of new unsecured money. uh-huh we, in principle, it's on the fnb. this shows the budget. fine. all of us have a budget surplus agreed. eh, maxim, i'm just saying again that there is a feeling that the money is frozen. and we are in the account of this money. and that it was very important for them women,

to make it sound here. i think this is to understand the situation. uh, this is the first and you can, as it were, the second side of this question to maxim gennadievich, is it possible, in principle, to effectively use the currency received in the country in this situation ? or strictly speaking, well, by the way, you were talking all about the need to look at the value of exports in general, uh, in the economy. well here comes the record flow country with them something effective to do or not? i would, probably, at the beginning of a few moments of development of what the grommets connected said, because we are talking about import substitution saying that it is very important to attract private business. it seems to me that in general, er, the goals of supporting and developing national capital. it should now intensify, because many companies, and such already grown companies

operating in domestic markets, mastering exports, come and ask tell me what strategy will be next. we focused on capitalization. we announced, we consolidated , we moved away from all these small small, forms, simplifications, and so on and so forth. yes, time is short. here, and then what to do next, we believe our capitalization to us where to create it further or to us back, how to leave there, well, not in the nineties, but, in general, everything, but in those schemes and in those models, which were and it is very important for us to support this capital, and therefore this is the task for e, the financial market. everything was afraid that the published debt would say, you would not say on the capital market, but we have an understanding that the capital market is really just as important, maybe even more important, because without it, in general, debt is not needed, so this is the task that should be set, and rather for the stock market. it is necessary to set goals for the return, including to the volumes that we had. yes, this is not a task for this and next year, but in the medium term we need to do what

concerns the balance of payments and the restoration of imports. well, indeed, the first task, as it were, is the best use of the currency revenue. this is an increase in imports. especially the import of intermediate investment is what we need now and in recent weeks. we see that certain positive dynamics. there is, as it were, and the course plays its role and the programs that we have. well, plus these are business plans for the further and development of production here. and including we are ready to support and are discussing support for business outside and investment, respectively, in production outside the perimeter of the country. in general, we will support all this, so there are opportunities. but again, it's very important so that the financial system transforms this short-term currency flow into a long-term supply, including foreign currency loans. this is our joint task now. yes, the answer. yes, it is possible. then andrey mikhailovich is now actually setting this task not only for russia , but more than half of the world is giving up, because after the

extreme monetary stimulus of efforts. what's there? well, as i say about us, this is a task that china cannot solve other countries cannot solve. what to do? why do we export all this. if on we can’t buy anything, we agreed that this task does not become easier because it is also difficult for them. that's why i asked if it was or not. well, that is, we believe that we can more effectively solve it. yes, and we will solve it. as far as we solve it, we decided 100%, there are a lot of variables. here is the scariest answer that can be given to a question. is it possible to effectively use this task to be solved here is a terrible answer, because in fact hmm sounds very people, really. here you can then people here is a short question. just a lot of questions on this topic. tell me, in this regard, those restrictions on the movement of capital that we have. uh, basic uh, and uh, they're basically good. and

most importantly, not even so much for the benefit. i understand that there are some forced measures. and here are their prospects that's what you like. see the perspectives of these. well, first of all, we have such a layering of different types of currency restrictions. i singled out three for myself, such as the first, the so-called stabilization currency restrictions and when, under freezing conditions, we can not respond to capital outflows with foreign exchange reserves with interventions. yes, we can only block this outflow of capital and in fact . uh, such restrictions on the movement of capital have affected a wide circle and individuals. physical residents of non-residents, but as the financial system stabilizes, these restrictions are gradually loosened and our opinion is that they should be lifted. uh, most of them anyway, by the way, just the other day, and the government commission. anton herochik leads the same decision,

which the market asked, but hmm, from the sale of foreign shares, many russian citizens went into foreign shares, coupons and coupons, and uh, it was possible not to credit payments to foreign accounts, but from the sale of shares it was impossible enroll. so i understand that this decision has been made. this is also another step towards weakening the second type of restrictions - this is the so-called response. these are the ones that were also taken as a response to the freezing of our assets and they concern primarily the world's residents from unfriendly countries. i think that here their fate is based on the principles of reciprocity, what is called the third type of currency restrictions, the so-called historical ones, these were those restrictions that are associated with the fight against money laundering. uh, illegal capital gains are withdrawn from questionable transactions here as well. it seems to me that the logic should be preserved,

we do not need to let dirty money into the financial system into the economy, but approaches should change. even before all these events, together with the government, we discussed what we need. here liberalize to simplify, because there are very high costs for those who carry them out, yes, and banks and companies and this work. we need to continue. i see a way out, by the way, that's what is called in new technologies in information systems. at us, for example, each bank of each client checks anew. yes, that's in order to do it. here's what to do with such centralized information systems. it is possible to carry out this work on the lucine here just to one second uh number through he stayed 4 minutes. and here's a lot more. well, there are just questions that are just, uh, the country is waiting for an answer. this worries people who do not understand macroeconomics. sorry foreign exchange deposits confiscate stupid question. no, no, so well the dollar will be banned no, but the euro is not. so well,

here, in principle, well, i will not enumerate. just. eh, let's get to i won't move. thank you that americans are europeans and the women said that their currency will not be banned. you know, i was more worried about something else when president biden said that for a dollar he gives 200 rubles. now more some kind of exit on a biden to sell at that price. that's why, uh, i'm different, uh, this. in general, the word is not a sparrow, your advice is worth a lot. and then a very short answer. excuse me, there is just one more important topic that needs at least one word, but i cannot help but ask. tell us what we have to do in essence, we have a lot of factors and a crisis. and at the same time we need to support demand and supply. now, i would

like to hear from anton germanovich an answer that is enough to support one and the other. why we're back to yes or no? it 's just a philosophical question. understandably? thank you, and maxim gennadievich resources are always limited, you need to choose priorities as a priority. and then to you. uh, maxim means, if you have to choose priorities, what are maxim's priorities. and i'm sorry, here are the former and current minister of economy. i always get confused maxim stanislavovich sorry. so. e. the main thing is that it’s not maxim oskovych, then all the same. eh, here, if you choose priorities. eh, how now the philosophical questions are said so is the priority supply or demand? well, about after all, you must be such a treatment of demand, which is provided with supply and increases supply. that is, you supported siluan that the question is really philosophical well colleagues. sorry

for god's sake. we really have a few minutes left. but this is madness, when such panels at 15 o'clock, well, this is a nightmare, some kind of claim against the organizers. so, what are we going to vote? here's a second. look, it's back. and you haven't yet. e everything. ahead of domestic business in last years. in general, mad enthusiasm related to the proposal to invest their own funds, something else has already been discussed today. uh, i prefer to receive either government subsidies. well, there is some credit money for a skinny guy. eh, but i don’t want to invest my own. i just want to remind you that today we have no less than 43 million rubles in the accounts of company 403. of these, more than 26 trillion rubles are on deposits in the company's accounts, by the way, at the beginning of the year during this period of time, when all to invest, it seems, in theory they should occupy a niche, but did not increase by almost 20% consider deposits, then their company is in this situation.

are there any incentives. is this trend possible, when businesses are ready to take risks at the expense of the state, they are not ready to take risks at their own expense, we understand that today the risks have increased. we also said today that we have some additional mechanisms. in order to use this, my only request, since alexander ivanovich bastrykin is not here with you on the site, please do not speak on the security of property independence of the judiciary. here, uh, and the investment climate. here is something concrete we can say on this subject or not in any order. well, let's from the other side maxim gennadievich him, well, the question is not for 10 seconds. yes, and we have only 10, and there are only 10. so, i think that the business is ready, and it was ready, we see the first quarter figures of 13%, just investments. here and as soon as the general situation becomes clear. what technologies are available? what kind of markets do we have that's business, now actively works on the reorientation of markets. we see that business investment projects are not abandoned

. all this will be completed. well, of course, this is also a question, and for the time being it is profitable to keep money on deposits, so as not to keep them. why would you take on the risk, so as soon as the risk will decrease, and here is the cost, so to speak , of alternative use, and the business will be more active in investing, uh, excellent. well i would say that business is for that and business that he needs them so say take risks and invest those funds abroad. now no one is waiting, so. everything, please, is good, and people within the competence of the central bank, the beginning is simply inspiring. sorry, controllable and low inflation, because investment uh, long money money will not be at high inflation, as the key rate was not low, if you have high inflation, long money will not be, therefore, the fulfillment of our direct task of

responsibility is to reduce inflation, and second uh, the development of the financial market, what are we talking about today said both the market capitals and the stock, but it's just really one minute you don't go to bed. thank you maxim if i agree that business should take risks, but it does not need to create additional risks. therefore, this is the task of colleagues who are present on the stage today, so that the business has a predictable economic growth. predictability in terms of demand predictability in terms of inflation if all this together will take less risk. thanks colleagues. now back to democracy. after what you heard. i would ask those who remained optimistic to raise their hands. you know, well what can i say? uh, someone left. well, since we agreed, we don't vote on the stage right away, everyone here is optimistic. uh, i would like to go back,

then here are the last few seconds, because we have long gone over the time to ask. those who are on stage set kpi for yourself before the next st. petersburg forum. i am sure that it will take place and there will be no people in the hall, even a few people in masks. and that's just how you see your main goal for this year. well, let's start again, uh, the maximum number of you, and so now the minister of economic development from his point of view. uh-huh we again have five seconds to three to meet, if well, we have formulated for ourselves. uh, now several tasks are what the project representative is worth. the first is a clear definition of a strategy of priorities for the coming years and transformation. this is all in our state programs and indeed the same prioritization

that we talked about taras second point, this restarting the obviously investment cycle. you and i can talk about this in terms of the zpk factory of project financing for regional investors, and so on and so forth. well, and the third. i consider it a very important point - this is a restart of the strategy of foreign economic activity, because here it sounds a little offended that they seem to have participated in globalization. and so to speak, it somehow turned out unfairly. uh, we were treated, but this is not a reason to abandon globalization. you just need to build your own models of globalization that everest in the result spoke from payment systems to national stock indicators. interaction with countries these are the three key priorities. we allocate for ourselves in work. and now the finance minister. you thought that i would say about the budget rule, to be honest, i don’t know, we didn’t agree, so i don’t know what you will say, it seems to me, it seems to me that our work should be structured in such a way that there are optimists in the hall. there were

more the following year. eh, given the fact that, as it were, uh, we don’t a decision by the board of directors is coming soon. you can afford to say more. uh ours. now i see it in the fact that business people continue to trust the financial system, they don’t worry about high inflation and can make plans for the future, relying on the financing of the country’s financial system thank you, well, maxim stanislavovich, uh, based on what he said anton german. here, uh, it seems to me much more important that optimists are not here in the hall, but outside of it, people who believe in themselves outside this room was bigger. i think this is much more important. well, colleagues, you know. hey, now it

's definitely time to finish. uh, the organizers are already terribly swearing at me. i would like to thank, first and foremost , the panellists. i think it was absolutely fantastic. i would like to thank the audience that wiped it all out and wish everyone good work on the forum. but now an offer to all. let's turn around. wherever you and i are, wherever fate takes us every year in this day we will gather in this hall and discuss kpi for the next year. good luck to everyone at the forum thank you well, this was the first session of the first main day of the st. petersburg international economic forum, a session dedicated to the state of the russian economy in the current challenge and points of support. here we

saw how, at the end of this session, its moderator invited all those present to swear that exactly in a year it would be possible to meet in the same hall to evaluate kpi. well, that is, conditionally speaking, indicators efficiency of the work done in the past . moreover, the work of this very much conversation turned out to be a direct conversation turned out to be very difficult. especially considering. those, in fact, the challenges that were indicated in the topic of the past sessions, of course. the decision should be targeted, as the minister of finance put it, it is necessary to go between scylla and harida, in other words, to maintain the stability of the budget, but to provide assistance. to all those who really need it, keeping in mind that assistance should be targeted, obviously, that some businesses and industries were under more. in the south blow, someone feels quite free. well, there is a business that is in the current situation. here its turbulence, on the contrary, wins. that is why it is very important to support the benchmarks, focusing on real

indicators, there were many disputes during this session. but in one, the experts have gone as before it will no longer be. and this is a very important starting point for further changes. everyone today needs to understand that the prevailing conditions. is not temporary difficulties. this is a new reality. what it will be very much depends on those who make the decision and, of course, on each of us the efficiency of labor. today is another important indicator that you need to focus on. this is only the first session, and it looks like the conversations are going to be very intense here. they are traditionally just like this within the framework of the current anniversary forum, of course, will not be an exception from this point of view. we are looking forward to new intense discussions now. and a short commercial, then we'll be back here, st. petersburg and we will continue to tell you about all the events that are happening here and now.

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it works comfortably and safely. we continue to work at the international economic forum in st. petersburg. now we have new guests in our studio. this is the president, chairman of the board of the bank zadornov good afternoon. i know that today you are participating in a session called banks of the future. what are the current challenges facing the banking sector and how the current situation differs, for example, from 2014 or from the crisis of 7-8 years. you know good question, first of all, it’s not the first time for banks, how to get into the first wave of the crisis is always the first blows financial system. but this time it's not just

an economic blow, it's including a whole series of artificial restrictions on certain types of business, technological restrictions. we cannot use a whole range of imported equipment. you understand that this is the most technologically advanced banking sector in russia. therefore, on the one hand, it is familiar on the other. uh, a number of fundamentally new restrictions, i can say that for 3 months from the end of february, in fact, the work of opening other large banks. e is fully stabilized this is said by the fact that deposits are loan portfolios. here, for example, they have even grown compared to the beginning of the year, but uh, we de facto have to technologically. and first of all, it will change, since many services will be unavailable and you need to understand that, for example, an ios device is on ios.