profit in the twenty-first year was a reserve of 2.4, as i understand it, trillions was a huge capital reserve. and this helped us to test this pillow, uh . this one, uh, the whole huge influx of all the negative information of defaults and so on, and get a loss there, as i understand it, the bank sector is about one and a half trillion. we were able to survive it. that is, the first shock passed here and the central bank’s regulation helped and i didn’t liquidity and dali’s regulatory easing and the suspension of trading. the stock exchange needs a moment of government. i think i did the right things from the moratorium on bankruptcy at one time and the support of the system of generators, when the rate so exploded key it was a difficult blow and a difficult blow for everyone at that moment and we had to help the economy, but also instruct tv there, which actually helped a lot banking sector. we generally have a problem with state guarantees. and

this is a separate conversation. oh, we believe that state guarantees should be non-refundable, at least in some part, this turns out and leads to the fact that we and the central bank talked about this now, and reserves and, in fact , state guarantees are being charged on them, have halved in volume over the past few years, and we are replacing them there with a guarantee of the web. thank you for this and it works. now banks even like to teach tv a lesson more than the state gornet, that is, the moment. this is a liquidity cushion and decisions a and the central bank and the state helped to cope with the transformation ahead of the same thing, the main problem is long-term investment, and our process is our financing of investment projects. and here we were very dependent from western funding. now we need to replace all this inside and from friendly countries because of this ours. the composition is that the economy itself

must be open. we must gradually get out of the easing in the central bank with a clear understanding of how we will move on the basel. we believe that andrey leonidovich said it was especially correct here, we need to approach both regulators and capital thoughtfully here. uh, otherwise, we simply will not have sources for further investment growth. we need to decide on long liabilities to make reforms necessary iis three and non-revocable guarantees. and here is the funds of the fnb to the project factory. we'll talk about this later, but in general, there is still work to be done. unfortunately, we still have a lot to do. thanks, igor ivanovich and in the current conditions, the role of the web as the constitution of development, of course, is increasing. here is how you reconfigured the work of your partners with banks and lending today, in which sectors is it a priority? well projects. yes, good morning. uh, since you've set

the topic on transformation. think e transformation differs from adaptation, and for several decades we have been in a period of transformation simultaneously with the period of formation of the banking sector. because the whole world has entered a separate period or difficult period. uh, global economic transformation. and the banking sector, of course, will reflect these processes, because what happened to our banking sector after february 24th. partly. we kind of expected no, well, for example, it's no secret that in the united states of america, a bill was being discussed all the time that that at least four banks of the russian federation must be included in the sd list. hey, some people must be lucky. less for some, but you all the time, uh, discussed any approach to such a bill, so it was our responsibility to prepare and bear in mind that there will be serious restrictions for us on working with the euro and the dollar , and this happened, so for us here there was

no surprise. which most likely happened all according to a tougher, and more scripted approach than previously. we've been thinking since 2014 of the year. well, we live in the conditions they live in difficult, but as andrey lenivich said. we already have other intentions. we think not only about how to get profitable and how to continue. uh, development uh, web. uh, here it differs from commercial banks, as we do not have a goal of making a profit, and rather we must support the commercial banking activities of the largest commercial banks for 10 days and vtb and sberbank our partners are our largest partners in the project finance factory. this is sber vtb and gazprombank, we will try to expand this line by a dozen banks, and we hope that the opening and other banks from sovcombank and other banks will be our partners in the

project financing factory. why am i talking about the factory, because not against the background of the fact that we have not experienced such a tough adaptation, it is not necessary to continue the investment process, and the web is here on the one hand. it supports commercial banks by providing a guarantee, which ilya spoke about and this, of course, is the decision of the government. is it necessary to launch this whole new line of irrevocable guarantees from the ministry of finance or rely on the guarantee of the web, uh, we are here, as a shareholder decides, this is how we will act, but for now, uh, everything that we experienced both during the pandemic period and now in this period of adaptation. uh, basically commercial banks rely on the guarantee of the web and now we have open lines for a trillion 350 billion rubles. in favor of commercial banks, of which a little less than a trillion. we have already signed an agreement with banks. so here's our main job now to give opportunity for commercial banks. uh, to decide what risk appetite is generally created in these new

economic conditions. here, our ministry of finance believes that it is necessary to act as before , uh, the capital of the initiator, uh, a certain risk that it takes on. the shareholder himself is a certain risk of a commercial bank. well, that's how we adjust somewhere, we on the web are sure that the situation has changed drastically, uh to hmm to risk and uh, the distribution of these risks. it is necessary to treat us differently, and if we do not do this, then the pace economic growth will be completely different. it 's frustrating, because ultimately the liability for bad loans will fall on the budget system of the russian federation, of course, but uh, if we do everything enough, u professionally, then the result will be a stronger economic system as a whole, so our work. this includes the project finance factory and the system of guarantees. everything will be adjusted so that, uh, commercial lending from commercial

banks, will be provided in full once again key question. here it is the risk of appetite. how to define it in the current conditions and what projects we will finance. firstly, we did not stop any of the projects that were taking place in the factory. we are currently discussing twenty new projects with the government, which we will launch thanks to the capital that the government has provided us on behalf of the president. eh, why do n’t i talk about them, what kind of projects they are, rather, we need to agree among ourselves, as with this capital. uh get by in the best way money all countable and, uh, this is still a discussion mostly between the sectoral blocs of the government, the ministry of finance and the ministry of economic development of the ministry of finance. i would like to save as much capital as possible, but we are here, rather in a boat, together with the name, in order to ensure the reasonable expenditure of this capital to ensure investment processes. that's how we work. thank you mikhail eduardovich and, given that in this game ivanovich has already noted the role

of transformation is not adaptation, how rostelecom is transformed under all very conditions. uh-huh you know here, being between two respected my chief executives of the largest banks. i remembered butusov's song that i performed at the vtb party yesterday. at the vtb party, they are connected by one goal, uh, bound by one chain. eh, indeed america, while america is a separate issue. this is andrei lenivich, uh, really, uh, any modern one , especially, of course, a large large bank. today is unthinkable without digital technologies. and for us as a national operator. it was very important to ensure reliable operation in these new conditions. serving our clients individuals and businesses and the state. we were preparing for this. uh, first of all uh, active investments in recent years. we are in infrastructure, and we have invested

more than 300 billion rubles, of course, the groundwork gives us confidence. today, but the problem is obvious to everyone known, despite formal or informal sanctions, of course, ah, almost all famous names. uh, software vendors. e-e equipments have stopped working e we live on those stocks and e-e resources and are intensively setting up a cooperation with new ones with companies that become mainstream in the first place. these are russian private companies that have gone through in recent years. eh, a certain way. but we will probably talk separately today, uh, on this topic from the other side. and we, as e large companies, of course, there is a need for holding. e calculations of the organization. e financing today is the financial banking market. well, it works the same as probably a year ago, a big appetite for

bonds, and a good competitive environment in uh in lending, so our colleagues have a role to play here too. uh, they also do it, therefore, in general, the situation is in such a dynamic development. um, probably today is a long-term strategy. uh, untimely is very important to be here today and now to make the right decision, but in general it seems to me that large russian business. uh, seriously prepared and turned out to be, in general, in good shape with that challenge. e, which we face and work with today. thanks nikolai andreevich , in the current circumstances, what do you see the role of the legislature in the transformation of the russian financial sector. thank you alexandra kind depp to everyone, well indeed we are facing unprecedented pressure from sanctions.

e by the crisis, if you want a and probably the first, a was met by the financial sector, but met with dignity, including due to the fact that in recent years the central bank and the government have taken serious steps to strengthen the financial sector by sufficient capitalization of the capital stock to clean up financial sector and exactly thanks to this, we, perhaps, for the first time together with covid times. if we had to be the first to save ourselves not financially, as it was before, but vice versa, in a sense, the banks of the financial sector acted as support for the government and the state. in certain sectors of the economy, this is a very important key thing, of course, regulatory easing was required, but again large-scale decapitalization. as colleagues have already told the banking sector today 18 not yet required, maybe it will be some point things

a targeted decision on decapitalization, but in any case, they will not be associated with patching up old holes, or maybe some force majeure things that happened or that, uh, are yet to come, and including this all happened, because we have created a fairly serious foundation, including the legislator for the development of our financial sector. first of all, of course, the infrastructure has been created, the payment infrastructure is our national system of payment cards with bpp transfer of financial messages, biometrics, and so on. further and so on. uh, exchange, infrastructure. we have several exchanges, moreover, even taking into account the sanctions, they continue to function, and i think that this is how it should continue. a anti wash system. we have learned how to deal with fraud in the financial market. we have created a-a. platform know your customer. literally last year, a

corresponding law was adopted at the end of the year. and we have formed. uh, the current good system for protecting the rights of citizens in the financial market is both legislation, and qualified non-qualified investors and counteracting illegal creditors, and created legislation to prevent citizens from being indebted. including through the institution of the instrument of the full cost of credit e, direct quantitative restrictions, a number of other measures that do not allow our citizens, and therefore, hmm, to receive miss celing them spryzen to the financial market and finally. we have learned to take anti-crisis measures promptly. and they were quickly taken by the decision of the government and the central bank - this is both regulatory easing and all kinds of holidays, a moratorium on bankruptcy, which ilya eduardovich has already spoken about in sufficient detail, preferential lending programs, which

certainly helped very seriously, and our industries to withstand this pressure. and now as for what we need to do in the near future. i think it's very important in the first place. this will, of course, restore confidence in the financial sector to the financial market. and here it is very important. and, of course, the right audience from the side states it is very important to talk about such cases as the last time. we have seen from dividends or some of them, when the fulfillment of state guarantees was called into question, that this is a single explanation of why this is happening and further to say that this is not unquestionably of a systemic nature. this is the first second and absolutely agree with colleagues. that we need to strengthen the institution of state guarantees, now it is working poorly, and not only is the share of state guarantees to gdp we are very we are far behind other countries in this respect. we have a little more than 1% there, if in developed

countries it is several times higher, in some it reaches twenty percent, not to mention that in general, if we consider the economy, then in absolute terms this is, and not very large numbers, and moreover we certainly need to make these government guarantees work. now they are in many cases, not working, which entails , but increased regulation of pressure on capital from the central bank, which translated into interest rates on loans. well , in the end, it’s like a percentage at risk, but certainly hmm is necessary, and the opening of reporting, we need these decisions that were made, we need to return, uh, the transparency of our company’s reporting, which koti is on the stock exchange, because without this it’s definitely not a think of the financial market, and then you need to definitely develop the stock market of this syndicated lending and secrecy. uh, support programs from the state for the entry of a medium-sized company into a-a market for an ipo y

there were a very small number of us in the past in the past years, there were only 44 episodes for several years, when in others, comparable in terms of economy, and these strange numbers are in the hundreds, and of course, it is necessary to restart e-ices, and make them a real tool for long-term investments of citizens. and we need to further develop the infrastructure, and we need to actually create a new national news agency. uh, taking into account the fact that hmm the western ones are gone. it’s like we don’t, respectively, uh, but in many ways, it’s like we don’t information, and certainly need to be developed. the infrastructure of the audit industry a.i. taking into account the fact that rating companies have been created in our country, the rating law has been adopted accordingly. all the same, we need to do something so that the ratings are the basis for making decisions on state

support for risk management, and so on and so forth. and, of course, we will continue to work to protect the rights of citizens, primarily to strengthen the institution of qualified investors. we need to figure out what we're doing with foreign securities, which are still, and citizens have the opportunity to buy them unconditionally. it is wrong to gradually need these tools. uh, to encourage citizens to go out, but by giving preference to unconditionally russian securities and valuable friendly countries. thank you, you can say, of course, about public reporting. i haven't been recently. at one event held by the government, andrey leonidovich was present there and in the speech of the chairman of the bank of russia in connection with the development of the stock market spoke of the need for public reporting, which is necessary for investors to return to our normal business

turnover. here it is only necessary to act very cleverly not again this one to be naked to the fullest in order for this to be the basis. uh, use all this data against us in odessa a in the form in which it is necessary for investors, because a lot of what was perceived from foreign instruments and the international financial system. but er, this information should be given in such volume and in such order. here i'm just appealing to the legislator and the regulators, so that, uh, it's true. this must be confirmed, of course, by the auditors, but it should not be as detailed as it introduces us into the new sanctions circle, and for us this is such a new thing. we kind of pronounce it so beautiful and beautiful, the principle is beautiful work, but it can end up in big trouble for us, so for publicity yes, but very accurate here, we need to work out precisely with the legislator and the regulator. you can absolutely

right, of course. as if all anti-social every soul bird from all sides is now crushing me more than ever i need everything. and i don't know who my wife is. in sharks do you like us to defend ourselves?

how much longer will we live? i do not care. lord , the heart of the barmy will soon

return to this, but this one still needs to unfold everything the whole process, and i don’t believe that we are ready to enter this water a second time, but because we saw that there, when 300 billion were arrested e -e on the funds of the central bank and there are serious discussions about how to redirect them to some other needs, except what does it mean to return? and, then, of course. this greatly discourages everyone and suggests that there are threats to funds and citizens. a very large,

but there are a few things to do. there is a lot of work to be done with our countries, and with friendly countries, not with hostile ones. at least, in terms of settling accounts, they generally believe that the most important task for us in general for all of our economy is external settlements, because here i have said more than once that we will remain an open economy. we really don't care. but we will remain largely a resource-based economy, no matter how we do the transformation, we need to sell both coal and oil and gas, and nickel and everything else and buy. and now we are setting the task . yes, we all say it is necessary to expand imports. yes, that is, calculations are needed. but the calculations are getting harder and harder. today, there is probably no company that would not complain about the complicated passage, but of payments, but in order to establish, uh, settlements in other currencies. uh, we need a few very important things. first, well, you need

use alternative swift. ah, secure channels. and that's kind of the number one thing. secondly, it is necessary to provide access to the national payment systems of the participating states. they actually exist in many countries. and in general. this practice exists, but, of course, there is also the problem of connecting to the russian system of interaction with russian banks. particularly those who fell under the sanctions, and these first and second are, of course, the liquidity of the market. i have already said about this, that today the situation with the yuan, let's say, has become much better, because trading volumes are in yuan. they have actually approached the trading volume. e for dollars for euros, therefore, banks are no longer afraid, and there is no need to specifically look for someone who would be ready to take the risk on an open currency position. let's say for the yuan, this situation is probably fair the problem is that the yuan itself is not today. eh, a free convertible

currency, the chinese themselves never encouraged him to do this and did not prepare him to be the main settlement and reserve currency. and right here we have a lot of work to do, but they seem to be the most preferable today even when regulating sales with other countries. let's say we have a couple of drinks there, we talk with india. yes , there is a big imbalance in trade. and also with many other countries, here's how to regulate this there, uh, how would the remaining balance it looks like the most preferable yuan, so i would say so, of course, the process. uh, here my colleagues even came up with, uh, the term davis thermization is a difficult product to persuade, but more, probably, correctly reflects the process. eh, than devaluation, because we are still moving from one currency to another. and here, but it will probably be several currencies. we need to work. we need to work with the turkish lira from the dirham, but also with the

yuan and tenge and with other currencies. here is a difficult process, of course, to have a single one. mm, it’s as if settlement money appeared on its own, as a means to settlements, a single one earlier there, as if, if i studied marx’s capital very much, they exchanged an ax there for boots, yes, then they began through money, of course, as his dollar is convenient, but now at some stage about fermentation and in different currencies, we have no other way, otherwise we will constantly be taken away from us, stolen, and so on. that's why the process goes a lot of effort. we apply everything. and i flew to one country there, which means i went into the office there to the prime minister, who we work there in the east. here, but he says to me, and he came out of here to resurrect the germans, he just said that all the banks are now actively trampling these paths. so i think that the results will be, of course, gradually, and we will move away from the dollar, the euro.

this will not pass, thanks, but i will clarify one point. you clarified the first paragraph saying that there should be alternative channels with an elevator. that's how you think in the future it is completely possible to abandon this system. and if they close it, like the iranians at one time, then swift will not work for us at all. and in any way this channel will be closed as soon as the bank falls under the sanctions regime. he's turning off too, so yes, i'd be prepared for that. it may be, and somehow it will slip in a different way, but, but still it is constantly repeated under threat. today. here is the word suchanization of the dollar, you panization is the same weapon, a very terrible weapon, everyone is afraid, much more than something you understand dollars, so, as it were, it keeps the rest of the country in fear that it will turn it off without solving this problem . we will never get a multipolar world ever. uh, we need to do something about this. and here we are. that's how i think, thank

you thank you. igor ivanovich you are at a meeting with the president said that they switched completely to payments in rubles. were there any technical difficulties? no, i said we don't do dollar transactions anymore. 40 euros, but we spend it in rubles and other friendly currencies, then, yes, that means, u here let me support what andrei leonidovich said, uh, difficult work that is going on, which means, i usually say, in general, here in our community in moscow uh agreed that would not be introduced in relation to his banking sector. uh, russian sanctions the variant needs to act as if they will be accurately entered and this will help speech us operations and a lot of other things. and i think, so , well, here are a few of the largest banks and more than half of the banking sector in terms of volume are now under sanctions, and some banks will not be under sanctions, this is an unlikely scenario. it is clear that new and new restrictions will be introduced, even if they are not in the form that i imagine

. in any case, the entire banking sector needs to prepare to have at the same time other ways of conducting settlements on the operations of their clients. we joined the union of right forces when we presided over the ibo sco. there is also a banking association and actively promoted this system. uh, and just have to say, we've been successful in getting uzbek banks into this system, because everyone's saying, well, there's a whistle. it's convenient. why any new channels today. eh, just recently we met, just in uzbekistan, another sco was held . and just everyone understands that not only channels central bank of the russian federation but also chinese channels. by the way, they are then eventually connected with the sft, nevertheless. uh, everyone is ready to use and apply this alternative to swift a, and of course, there will probably be some perfect tools, but here the bank of russia provides us with its own, we need to improve it, make it more powerful and extend it to the banking

system not only in russia, probably, in the european union what to promote as much as other countries are ready to acquire e, the truth is in response to us. other countries that have these communication channels offer to use them. well, there's nothing wrong with that. no, then it is necessary to use on a reciprocal basis that there is another e, channel through which you can carry out calculations. the web a had great competence in its time. these are clearing accounts. we have been saying for many years that we are ready to carry out clearing operations, but this is impossible without government decisions, the government must agree on this matter to appoint an authorized agent, this may be the web is not only the web, but it could be some kind of consortium, and we can act as partners here with our largest banks. the most important thing is to resume these operations, learn to calculate them without moving money. and conducting can be in some special more perfect form. e on the balance,

which is formed by e, on one of the sides. maybe already in a different way than it was before when the clearance was for the soviet union, it will be an unusual operation, nevertheless. eh, i don't think it will. useless. now to revive this competence. moreover , i must tell you that the web still has 10-12 people from the old days. they work, thank you. god did not go to a well-deserved rest, who did everything with their hands. everything was documented. everyone knows, then, how it works, uh, but the necessary decision of the ministry of finance how to do it and combine old traditional technologies with modern ones today will not be superfluous. here. as for working in yuan currencies, the web has been working for a long time, we have a huge line with banks in the people's republic of china, we support our largest investment projects with these lines. and in the far east, including where we are. e. i hope that this cooperation will develop, it will not develop as openly

as before, because our task, of course, is not to expose our partners to publicity here again. we will work. uh, with the chinese uh credit institutions, but we will do it so carefully so as not to set anyone up and not to discourage their interest in uh us provide this liquidity. but in general they work in the chinese market. it's interesting that it works for us. and the russian trade company, our representative office there, and hmm, we work through partner organizations and i think that we have great prospects in the chinese direction. thank you, if we talk about the company and its calculations, generally in foreign currency, how much rostelecom depends on it. i have already said that we, and in general the russian e-digital business , to a large extent, was guided, of course, by the numbers of leaders. and today there is no hewlett, packer not ericsson not nokia and our supply partners.

the equipment of this russian company, uh, private, with which we contract, of course, in rubles, but uh, they buy most of the components abroad and uh, this hmm but forms a rather long supply chain due to the peculiarities of these, uh, components through uh, different countries. and this new model, of course, carries such rather complex currency risks. by because the currency of payment may vary by different. uh, the stages, this in general, of course, requires us. our russian suppliers of such a certain flexibility and, uh, preparedness for those risks. er, we ourselves, as an international operator, also, of course, experienced problems in settlements with our eastern and, uh, western partners. uh, in general, the east are formed as a position. and the transition to

settlements in yuan and, apparently, i would support my colleagues. probably this trend will, uh, uh, intensify, but our main focus is, uh , on working together with our long-term, apparently russian suppliers, these new, uh, chains e models, supplies learn to manage e risks in multiple currency pairs to take into account. it's in contracts, and we conclude contracts with state-owned companies, also according to law 223. and in general, now there is such a big intellectual, uh, the process is going on, but everyone is in the mood. uh, a positive readiness to hear each other understand that the task is still needed, uh, you need to solve it, therefore, i think that the russian folk is sensible. we really remember everything

that we held in our hands and in our heads in the nineties, so let's tune in. if we talk about those the statements that have been made recently list once said about this, what can be done by economic nato and now, do you think it makes sense to create this is an absolutely debatable issue to create a new currency, maybe within the framework of existing associations, which include in russia or there is no point, and on the contrary, you need to keep these same eggs in different baskets. of course, this is another phenomenon. eh, let's see. and i was always mayer and worked in london when margaret thatcher worked, but attempts to repeat were unsuccessful. gospel but let's see, and the fact is that you know about it , too, we're talking about. some action, perhaps. and

yes, and in general there were attempts, uh, they even wanted to create an idea in the world somehow it didn’t take root, yes, but there probably wasn’t such a need either. there was no political fragmentation like this. hmm, there was no world was the idea of ​​globalization from 25 years of traveled delivery. we were moving towards the global world all the time until it crashed. moreover, this is a process that began several years ago. this is not what happened on february 24 hmm deglobalization process. it has also been celebrated in recent years. i think that this is what someone here said. uh, what if a number of joins, huh? including brix e, shos, e, es of course, and where a , probably, some processes associated with the formation of internal calculations can lead to the creation of some. yes, units of account. and i

think that this is also one of the ways to resolve issues, because in the end, probably, there will be a dozen of these, and it will be more difficult to make settlements with different currencies. eh, especially since i i repeat that in bilateral trade there is a serious imbalance, as a rule, a person needs to be somehow equalized, so i would rather say that yes, that such are the prospects for moving in this direction, that this is a good vision of brix for this purpose, there and china there, south africa there, india, we need to think about this, and i don't think it's possible that we won't move towards a unit of account within the framework of such unions. i wanted to ask, and i would not know, maybe now it sounds hmm a little ambitious or not even inadequate, but i think that the ruble as a regional currency has great

prospects after all this turbulence about taking on a new form. it now seems that here is the huge complexity of the sdn lists about some kind of sanctions. we talk all the time. uh, this is what andrei leonidovich started out of. uh, i would confirm that in general today we need to stop talking about sanctions everything, this is a different reality. this division of the world is the formation of completely different economic subsystems. we are now in a completely different process. and dividing sanctioned companies and separating them from non-sanctioned ones, it all no longer matters, because from the outside, non-sanctioned companies are treated in exactly the same way as highly toxic assets. everyone needs to learn how to work, applying to themselves a different attitude of internal and external partners, but inside you need to stop being afraid of each other. and do we see that due to the fact that so many of these restrictive measures are now widespread, that there are

still some uh, islands or so sectors, who think, but this will not affect us concerns the whole country as a whole. if someone does not understand, this is a big problem, but the faster we consolidate internally in economic terms and we start building new economic lines with our partners in the euro at the expense of not brix, the more strength the ruble will have, therefore, here is my appeal, if i andrei correctly heard that it is not possible to divide already within their economic agents into sanctions and no. as such, we are all already in a completely different system. e economic building and er, upon acquisition. uh, another of his new ones. eh, this is his new goal-setting. and to me our motives are inside, that with the brix and in the context of the ruble, another perspective appears. we will see this a little later, therefore. hmm sorry if i sound like this today. let's wait, time will tell,

but not all these ambitions that we announced a few years ago, when we still believed in universal friendship, partnership, when we just joined the wto and the twenty developed and we all fought the consequences of the 2008-2009 crisis together years. but then hmm moscow has declared an ambition to build an international financial center. and where the ruble was supposed to behave, like a serious regional currency, please do not rule out that this is all, most likely the dollar will be exchanged for rubles. kovanovich. we are waiting when we are waiting, when what you say happens, it will happen andrey, but for this we need to work together with you. igor ivanovich a. the prospect of the dollar and the euro as you see them will be and dollars, euros and other currencies, we will live with you. uh in conditions where there won't be

the dollar and the euro will no longer have such significance for international e-payments and such power in the international financial system, but they will and, of course, they will play important values, but they will raise their value and increase the value of the yuan, and the ruble and other currencies . just yesterday , my colleague sticking out spoke saying that we need to learn how to invest reserves in the currencies of friendly countries. although probably for those in the financial sector this is a big one. uh, such a large measure of instability or uncertainty. we are not we can't we can't. this does not mean that we will not be able to earn money on this, they will study and the ruble should become more important in international e-currency transactions in winter, they will heat the euro stove there. dumping so that the heat is hungry is such an issue. yes, you consider the world's major currencies. i did not give such forecasts, when you mix it now, then you will show it means that it is no, i do not make such forecasts. uh, let them be let them be, uh, but we need to make it profitable for them to work with the

ruble this morning, he opens the internet. i am i think i believed that in switzerland there seems to be some kind of law that if you drown above 19 degrees , then you can even be given up to 3 years in prison - imagine at 19 °, and girls. what do you think is better, do you think the spartans will bring up the prospect, apparently, of the world's currencies are so-so, apparently , but nikolai andreevich has a question for you. if we talk about the legislative framework, in the event that a decision is made to create a single currency, this is how it should be harmonized, and all the laws of the countries that include one or another association and again, what prospects do you see. but, to be honest, about the semi-perspectives of calculations and the future of world currencies in the past, the leading ones dishonestly have almost nothing to add to what onich and igor ivanovich climbed, everything is absolutely correct here, it is obvious that the leading world currencies, the dollar and the euro, first of all,

discredited themselves and that’s all the whole world, in fact, saw who is who, and this will certainly stimulate in any case, even if strangely non-sanctioned, but to the transition to settlement in national currencies. this will encourage to the creation of macro-regions in the economic sense, and the longer this process is, the more the share of settlements in national currencies will certainly increase, but we now actually see that, for example, in russia over the past six months, settlements in yuan have grown there with 0.45%, then twenty-odd it passed only a few. months is the same and within euroses. uh es is in process. uh, respectively, in national currencies, the calculations increased to 75%, when at the beginning of the year they were there about 20% in every possible way and through

new budgetary rules for calculating and, uh, means denominating assets in currencies independent of friendly countries. well, here we must certainly, since we are talking about calculations. it is always a street with two hundred traffic. this is not only our decision, but it is certainly the decision of our partners. here's what you absolutely must do. of course, it’s up to you to decide, but the issue related to the surplus of the trade balance, when we get an additional plus of about 10-15 million dollars while traveling monthly, and well, in general, we don’t know what’s going on with do them. and here, uh, we definitely need a course for maximum diversification, and definitely somewhere. maybe you need to increase. uh, importing what we might potentially need. and somewhere, maybe reduce some exports, because of course. this is the surplus that we have seen in recent months. it has a very

detrimental effect. this is our course. and as you know, 1 rub. course. this is actually 150-200 billion uh annually in addition, which means that money has not been received in the budgets. this is very detrimental to there are a lot of industries and exporters, and many industries that have great potential for import substitution, so here we need to sharpen as much as possible. uh, efforts to resolve the issue of our surplus. thank you. thank you. andrey lenividovich. another favorite theme of yours is the base. yes , therefore, what we are going to say, you know what you think, considering in general. here is the action of the west , in fact, deleting russia from the global financial system now, how it is worth rebuilding the system, given that in voronezh alone i have an absolutely complete system in this, there is no other sbu. seriously, you understand, i'm not arguing that

there are certain e in basil, like positive a. that is, in the sense that it makes it possible to single out three groups of capital and assess its quality, it is much better to really monitor the risks in the banking system, these are elements that are probably a by methodology. it may even be correct, but the setting was made based on western, and hmm model, or rather western standards of the western level of the banking system. he, not, the banking system is all different everywhere and there are different moments, who wanted to study it precisely because of this, for example. here's a good example of what the tsb people told me there in japan for banks that are not engaged in active international activities , four capital is enough for them, and we have 11.5 largest banks. that is, almost three times more capital is required; this makes the business more

expensive, but less profitable and very capital intensive. and you know, for the last 10 years i have been very actively communicating regularly with the leading banker in europe, they all hate basil. they believe that basel kills on the banking sector, in general, in my understanding. what happened in us in the seventh year, the western regulators missed the crisis, then realized it and decided, it means to recoup on the banks, but i do not deny that the system itself of increasing the quality control over the capital of the bank by such a level, yes, and the increase in capitalization is not bad. i'm just for the fact that we draw in some kind of our model, especially since now in my opinion, cooperation. this line has been completely discontinued, probably in the coming years, is unlikely to resume, and they won’t be able to evaluate us, because all the instances and snps they all left russia, i don’t know how any verifications made by the russians will be recognized, most likely, therefore, there are hardly any

arguments in favor of he really must keep these western european standards. i just don't see it, we need to adjust our system to our needs today, and they need such. well, yes, and life has become tougher for us, yes, should we definitely reach out, for the germans in this the question is, they have a different economy and ratings they have an economy there are three plays and we discussed for a long time, by the way, and there was a lot of support from the economic departments, as i understand it, this is a vision, let's say their own scale on chita rating and for a company for a corporation for banks it is also very important things. it reflects our russian specificity. and i think that, well, i would advocate for it, but so far the central bank is holding on stubbornly. it seems to me only when returning to the old system. you can do it like this. if you decide that you build, we will build our new world, we must also carry it across to remake. ivanovich

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is it the stock financial market, yes, but it is necessary to develop the stock financial market so as not to kill investment processes, but on the contrary, in order to keep them all the time stimulate, so i will say so. in what part of the central bank will they make a decision? they act independently of the whole law, and this shows their independence from the executive branch, but, in what andrey leonidovich says, i think there is a lot of reasonableness and, of course, we live in special conditions. and uh, again we are now in a period where chris appetite

needs to be treated completely differently, but this is a serious discussion between the government and the central bank of the russian federation to act on investments. as it was impossible to say yesterday, uh, to these investors who come and say, i will no longer bring 20% ​​into the project. and suddenly we hear such, so i often hear arguments, but how do they have billions of rubles accumulated in their accounts, which they previously paid in themselves. like dividends. yes, but they paid themselves as dividends, and today more names want to take risks. you see, these are all the time some kind of semi- arguments that really have nothing to do with the investment process investment business, everyone needs to take so many risks to open. how much can you carry today? and, of course, the base will be either voronezh, uh, the regulator will determine, but uh, to this new risk sharing system. we must take a high degree of responsibility, otherwise our economy. it just won't grow. it will not develop and the quality of people's lives

will not improve. project finance is not a tool that helps us together with commercial banks. what to do to take long horizon funding. now we can do it commercial banks cannot do this for 20-25 years without a project financing factory , and this is a good project that was once invented by the ministry of economic development in order, firstly, to control the interest payment and the investor all the time. everyone knows that in case of a surge in the market. he will not pay more than the rate determined by the loan agreement, the risk of increasing the interest payment is fully borne by the budget. and secondly, when we finally learned to fully open, uh, design financing.