to work gradually, rebuilding their logistics and commodity chains, projects are being implemented, people are saving jobs, receiving wages. such efforts are further the natural result of the economy. smoothly adapting to new realities, some slowdown in dynamics, of course , was inevitable, but it did not turn out to be destructive, as the initiators of the sanctions assumed. according to the ministry of economic development, in january july, our gross domestic product decreased by a little more than 1% compared to the same period in 2021 years, and then our economy was growing at a faster pace, recovering from covid. for comparison, the fall in gdp of the global crisis of 2009

was seven times stronger, and then ours had no external restrictions. we were not in the black, there are indicators of industrial production, agriculture, construction, according to estimates, the peak of the decline in consumer demand has already been passed, by the way, july became the third month when the unemployment rate was at a historical low of three point nine active population. contrary to initial fears, investment increased, in the second quarter of this year, fixed capital investment across the full range of the organization in real terms increased by four percent. moreover, the processing industries made the greatest contribution, first of all, and the export -oriented industry, business, did not react as the authors

of the sanctions intended, mostly entrepreneurs did not stop, but, on the contrary, sought to continue the investment programs. where it was possible. us predicted a deep recession, but this did not happen. we are successfully responding to emerging challenges and quite obviously coming out of the current situation even stronger and more prepared as the economy adapts to the current conditions. some restrictions are being phased out first. this concerns the stabilization of foreign exchange operations of residents, we are moving down barriers for participants in foreign economic activity, which today need to change logistics chains, reconfigure imports, look for new markets its products. now russia is in the process of rethinking its financial

sovereignty. we need to create such an architecture in order to solve all the necessary tasks, excluding the influence of third countries. the long-term guidelines for the development of the state are defined by the president. he identified five national development goals. of course, you know them well and the tools to achieve them are national projects, state programs and strategic initiatives. the most important task of the financial and economic block through the correct planning of income and expenses to provide funding for reaching the relevant indicators, the fulfillment of all social obligations to the citizens of our country. we clearly understand that we have to move in the conditions of a prolonged and possibly intensified pressure of sanctions. a recently held a

strategic session on the further development of the domestic financial system. they adopted a number of fundamental decisions, including its pre- setting formation of new effective mechanisms that will saturate our the economy with sufficient liquidity to ensure sustainability, and the activities of the industry and, of course, save jobs. it is important to finalize, based on current challenges, and adopt a strategy for the development of the financial market until 2030, its consistent implementation together with the bank of russia will help increase the inflow of additional investments in the development of the domestic economy, it is necessary to intensively develop innovative areas to engage in the introduction of digital financial assets. we need accelerated digitalization of the world sector actively

moving to the cloud infrastructure is the most important element of competitiveness, something that used to take weeks and months to happen in a couple of clicks or touches on the smartphone screen, but at the same time we are obliged to maintain independence from the regulators of the states where the servers are located and, of course, to ensure the cybersecurity of our system. another component of financial sovereignty is the transition to more er, the widespread use of national currencies, although the process of de-lorization itself has long begun, sanctions have only strengthened interest. e to him we are now trading on the moscow exchange. uh, in seven pairs, and with currencies of friendly countries. and if in january of this year the average daily transaction volume, and spot in such monetary units, amounted to one billion 700 million rubles. then in july

august, the share of settlements in national currencies and on the territory of the eurasian economic union is already expanding by 60 billion. other countries may join as well, forming a multipolar system of international settlements is possible. it is also necessary to simplify the access of foreign investors and issuers to the russian market. of course, all these plans do not mean that russia should close itself off from the world; moreover, sovereignty is not isolation, but about security and stability, the transformation of the current financial and economic processes of rebuilding

trade chains. reconsideration of approaches to reserve currencies fragmentation of payment systems does not exclude the fact that the world itself and its device. the government will adjust the financial system within the country, together with the bank of russia, to meet the needs of our citizens and businesses under any circumstances, especially when political decisions rather than economic ones come to the fore in the world. dear friends, i have touched upon only a few areas, and the tasks that we have set for ourselves that require our close attention in the near future are quite complex. moreover , in the face of unprecedented sanctions pressure no other country in the world has decided that a lot of

proposal ideas will be heard at the forum today. my colleagues in the government and i will carefully study them, we will study the most interesting and relevant ones, of course, they will certainly be introduced into our plans. i would like to take this opportunity to congratulate the minister. finances, antoncho, syulanova employees of the department of veterans with an anniversary and all, i mean , of course, the ministry of finance in the first place. well, and, of course, everyone present on their professional holiday, the day of the financier thank you all for your hard work striving to effectively develop your projects. ultimately , your efforts have a positive impact not only on those, but uh, not only on the business of the organizations in which you work. and, of course, the dynamics of our economy as a whole. i wish you fruitful work and thank you for your attention.

thank you very much again nikolayevich and do you know colleagues after such a speech? even, probably, it is difficult to say some water words, nevertheless, i remember the words of the poet on our high aspirations on our spiritual nuances on foggy spiritual languor has a very rough effect on finances. this is about the proposals that will be

made here today, but the first question is unconditional. it really is. in my opinion, it requires colossal courage to be in the title. the main session of the forum put not just the financial sovereignty of russia to write myth or reality and not put any sign at the end. after all, it was possible to put an interrogation mark or you could put an exclamation point and think about how the content of the session would change depending on the sign. that's why here, if we are discussing financial sovereignty, which the prime minister just spoke about. antonchik, here is for you what financial sovereignty is, and yet, what kind of sign would you put at the end of a pleading myth or

reality or exclamation point. good afternoon dear friends. andrey mikhailovich always asks such questions. we have not agreed on tricky questions; in general, our agenda today is practically the same as meat. and this is good. here is uh about uh spelling. i think that everyone understands perfectly well what sign of e, ministries andrey mikhailovich will put the finances there, he also knows he just wanted to check, just in case, but we have a line worked out. now, if we talk about financial, uh, sovereignty is a very serious topic. and here, of course, you can recall such, probably also the statements of the classics there, as they say, alexander iii, who says that russia's allies are the army fleet. but

without financial sovereignty, that doesn't work, because , uh, don't be independent in making financial decisions, don't, uh, have a sustainable budget. power although an important component, it is not the only one that determines victory on all fronts in all matters that states decide, therefore what is financial sovereignty it is to live through and not walk with an outstretched hand first. i said so because we have gone through a lot of history, and periods, when we have only one hope, will they give us a loan or not? there were such periods, and by the way, we caught everything. and we went through periods when hmm got out of balance in finance, it

led to, uh, destabilization of the country's socio-economic development, when carried out monetary reforms, and monetary reforms are always the result of what they printed, we cut off zero , uh, someone more. eh, so we fully provide an exchange for someone. e, s. uh, discounts and so on, somewhere else principles, but still it's all destabilization. this should not be allowed, but financial sovereignty says that the next thing is that it should be a sustainable budget, if we talk about the position of the ministry of finance, this is a balanced budget. this participation in the financial market, which does not lead e to unpredictable for investors. uh, financial the policy of the state and the state has the confidence of the country. uh market participants to conduct

financial budgetary policy is also a very important topic. this is what financial surentgen is, it is our own and payment infrastructure. which we have now created, which, thanks to the central bank, is actively helping us now in conditions when we are faced with restrictions on the use of this infrastructure and in general, and what i want to say is that for the ministry of finance this is financial sovereignty - i say this concept again balanced budget predictable budget. uh, this is uh, as we say, the stability of the macro situation thanks to a balanced, well-thought-out financial budget policy. thanks antwerp. uh, but you can immediately maxim stanislavovich excuse me, uh. yesterday at the

far eastern economic forum, i will probably not be mistaken if i say that one of the key words that was used there was the word sovereignty. state sovereignty from you overcame all this space across the whole country overnight to come here, that's a question. and as you can see the ratio of the country's sovereignty and financial sovereignty, because anton named a lot of components. well, to be honest, for now, let's say, many of our partners. uh, they are much more afraid of secondary sanctions from other states than they are of the benefits that they can get from cooperation with us. here you can this topic. yes

, good morning everyone, i also join. microphone, if possible, one or two, good morning, i join the congratulations on the holiday yuryevich, thank you. happy birthday. if we talk about sovereignty, then what it is important to understand that sovereignty is the ability to achieve goals in politics in the economy in other areas. e independence from external factors. now, if we can achieve the goals that we set for ourselves, and they cannot prevent us from doing this, it means that we have sovereignty in this regard, of course, it is obvious that financial sovereignty is one of the key elements of economic sovereignty. uh be, what is the purpose of the financial system? why is this institution really, for which society the banking sector pays quite a lot with its

salaries, the public administration sector, which also belongs to the financial system. why is it needed? it is needed to ensure the efficient distribution of the resources of the economy in order to ensure sustainable long-term development of the financial system. almost every ruble that is spent in our economy depends on the budget from the banking system. what decisions will be taken by the state? what decisions will be made by commercial banks all this determines how we will live further, which ones i would single out, there are probably three such basic elements of financial sovereignty. the first is, of course, uh, the market is a market in the national currency with a sufficient amount of financial resources. and here we can say that we feel quite confident in our country and the entire infrastructure has been created, including the old ministry of finance of the central bank, a lot has been done over the past 10 years. uh, and therefore, when they began to disconnect us from some elements of the market infrastructure. inside. everything continues

to work very well for us. it's actually very big merit, and this market has depth. there are funds and individuals. here is the ministry of finance when , for example, in the twentieth year it was necessary to borrow in a larger volume to finance expenses, it came out and could attract several hundred billion rubles a week to start, the depth of the market. this is also there. the second point of the second element is, of course , the toolkit. anton just spoke about this, this is a payment infrastructure. uh, and not only domestic payments, but also international payments. these are investment tools. and here we do have a number of problems that we are working on together now. these are international payments primarily tazone, which requires a lot of work and equity financing tools, because debt financing with lending. we are fine. we borrowed some of the elements and used them from western financial institutions, so here we need to take a step forward. the third most important thing is,

of course, the management system, which should aim the work of the financial system at solving of the tasks set for economic development, if foreign investors and western banks play a significant role in our country - this means that the decision on how the russian economy will develop is made outside of our sovereignty, so the three elements of the market toolkit and the management system are what e together should ensure financial sovereignty to a sufficient extent. we already have. but there are still areas where we have to work. thanks legal. but i have financial immunity from the point of view of the chairman of the central bank, then a lot questions will be addressed to you separately, as if, if i ask today, well, that's just from your point of view. what it is? good afternoon. i also join in the congratulations of our colleagues from the ministry of finance on a wonderful holiday. now is the time we have a big change a big challenge.

and i wish you the same great success in the development of the financial system. what about sovereignty in general? it is clear that this is the ability to pursue an independent policy when we look at the financial system and how u andrey mikhailovich proposed through the eyes of the central bank for us is an important element, rather financial sovereignty. it 's resilience to external shocks, and uh, we've really worked very hard together with the government to increase this resilience to external shocks and payment for settlement infrastructure, which is often mentioned, but it's also the reinsurance system and the rating industry that we've been in these years. created an important element. resilience of the financial system resilience of banks if banks are weak under any external shock. we get problems not only in the financial system,

but in the entire economy, so the stability of the financial recovery system is also an important element of a cash loan. inflation targeting policy, floating rate is all that allows our financial system of the economy. in general, to be more resilient to those negative changes that can always be on the external market, in fact, this is a safety margin the financial system should have a safety margin in order to respond to such kind of situation, but when they talk about sovereignty, it seems to me very important to emphasize that this is not an author. this is not self-isolation of the financial system. e in tarki self-isolation. this would be a way simply to reduce the welfare of the people. ultimately, sovereign states operate in a global world. where yes there are international

rules and international standards and financial systems. e of certain countries, being, even sovereign. of course they work in a global world. and the financial system. must support business in the global market. we are not leaving global markets. we remain, uh, integrated, uh, with those countries that are ready to maintain relations with us and even close the gap with historical partners. familiar e for us e markets of financial markets - this is not a reason to give up everything. uh, and to say that we will now come up with something new, of course, uh, external conditions have changed, we need to change approaches. you need to rebuild and reconfigure and so on. what is the main reconfiguration should be. in my opinion. indeed, in our development we relied to a large extent on the financial system, the financial infrastructure of developed countries

and their currencies. i'm sorry, i'll cut it. now here, uh, i'm sure these are the issues that we have to discuss, but just when u remember, the classics spoke before discussing something. let's agree on terms. i suggested in the first question just to define terms. but everything is further from time, because otherwise, i'm afraid that everything will go into the first question with us. but believe me. uh, let's say from st. petersburg odds. uh, your phrase remained in the form that dollars and euros will not be banned from us and will not be taken away. here, but there were short phrases, so here, if possible, uh, once again, we will definitely return to what you are saying now, what needs to be done, but i understand correctly that, in principle, there is a discrepancy as such. so far you don't. you are all talking about the same thing. well, just the only thing you added is that we are not the most isolated. well, in my opinion, none of the previous speakers suggested this, so you can now, i'm sorry i know that interrupting a woman is generally impolite, but

you know, yes, upbringing is a problem of upbringing to soviet upbringing. unfortunately, er, the years take their toll. e, alekseevich e. here. sorry if you can too. if well, you understand that if i interrupted the elvirian at the same time, then you. er, so if i may, here's a specific answer to the specific question of financial sovereignty that we're talking about is self-worth. or is it still a tool for economic development? thank you andrey i also want to congratulate everyone on the 220th anniversary ministry of finance and add what? and to add that i was the minister of finance for 11 years, and this year marks 11 years as anton germovich. we've been together for 22, so it's time already, right? what are you hinting at?

this is 10% of the history of the ministry of finance, moreover, special stories, when we completed all the institutions of a market economy from a planned economy, made the financial system stable and gained and created financial sovereignty, including i must say that you are absolutely right. but if i'm wrong points, he was generally considered a great er philosopher. uh, he argued that financiers support the state in the same way that a rope supports a hanged man? not well then we need a different topic of our panel financial sovereignty, yes, uh it's self-worth. here you are 11 years old, siluane 11 years old, although it looks like everyone now thinks that he was all 2220. oh, and that's why

it's just this value in itself or is it still for economic development. thanks andrew i uh really try to answer. first, i join. it seems to me very complete hmm maxim gave. e. definition i would add here i agree with what the elvirians said backwards, that we must create this sovereignty on a global, er, scale, and in this sense not to abandon all institutions, and in this regard, answering your questions. i define sovereignty primarily as the independence or autonomy of making monetary policy decisions. uh, the budgetary debt policy, and also emphasized, and the creation of institutions that ensure the development of russia without the possibility, is mandatory in any case resort to external sources. in connection with this, i want to remind you that it builds such institutions , let me remind you that in 2009, during that crisis, we had $ 200 billion in the reserve

fund of the national welfare fund. together we then used 100 billion. it was the first time when we ourselves did not question our creditworthiness , the ability to solve all social problems and, in this sense, it is not just that we independently make decisions. but we created these institutions, which are becoming today. e, provide stability, by the way, say and think e is less spanish. now , in the face of such challenges, i am also connected with this rather advanced system, but i will give an example of such sovereignty. you can give up, for example, international organizations. we make commitments that, uh, take our uh, decisions to some other level or to a joint collective decision, for example, in which we participate. we made a whole series of decisions in which we coordinate all our decisions and make them collectively. well here is one solution, which we have to implement in the near future,

this financial regulation will go to the national level and according to the plan so far, which no one canceled in the twenty-fifth year. that is, these countries. that is, all our countries will issue licenses for banking activities, accepted in russia. so it was planned. and how will we implement it, but the example is different, for example, its euro currency. uh, one there for uh, twenty- seven countries. but, when e germany renounced this sovereignty, there was no one in the regulation of the currency from her currency, then she understood that she would gain new opportunities from this uh from this step. uh, so, let's say, switzerland, great britain , they think that they will create their own currency from well, today it is a reserve, but let's say countries, uh, 27 countries, yes, they gave away part of their sovereignty, but received other

opportunities in return, therefore, i think that we should always invest in the eaeu and build other institutions, i join the international financial reporting standards of work on common internationally accepted investment rules. uh, always weigh it will give us new opportunities some new grant that will improve our efficiency and the sustainability of our financial system. just like when i said when we placed reserves in uh, currencies. uh, dollars, euros, then we were given serious new opportunities. we got $100 billion there in a few days from the market. e not without losing. nothing even there at this point the quotes are short-term. western countries have grown and we have even earned in this sense today. we need choose other institutions that will allow us to again benefit from such a dosed

use of our sovereignty. thanks alekseevich andrey lenivich. actually. but you can, well, you can among us here is such a practitioner specifically here. uh, can i first have a short question, yes or no. but tell me, when we have just passed the president's decision to pay for gas in rubles. is this strengthening of sovereignty or not? strengthened, of course, yes. e. well, i remember that idea. switch to settlements in rubles, and not only by gas, there, in terms of weapons, in terms of other components, you proposed, in my opinion, in the tenth year, for the first time, i 'm right. i'm not mistaken. yes, this is how it was now, we won’t, because alexei leontyevich has already begun the story so that he continues well and so on. come on, today we are not discussing history. e we have.