dosed use of our sovereignty thank you alekseevich andrey lenivich, in fact, but you can. well, you can have such a practitioner among us specifically. here. uh, can i have a short question first, yes or no? tell me, that's when we 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. you suggested switching to settlements in rubles, and not only for gas, there for weapons and other components, in my opinion, in the tenth year, for the first time i i'm right. i didn't make a mistake. yes, this is how it was now, we will not, because it is alexei leontievich who has already begun the story so that it continues well and so on. come on, today we are not discussing history. uh, we all say that the country

with an unpredictable history, so in this case, i'm not talking about it. but tell me, but here are the same ideas as when you proposed in the tenth year, but they were not implemented, they had to be implemented. now you don't have a chance with yourself now. no, it’s full, of course, but i still would not say this is a story, but in fact, but indeed we have been offering for a long time. then they proceeded purely from e-e commercial interests, then there was still no political moment, by the way, the method was striking that the largest exporters such as alexei borisovich miller and sergey viktorovich said that they were, in principle, ready, but someone filled up the central bank, there is ignatiev and min. i do not remember the name of the minister, then there was a pokovida. but, well, here is a country with a predictable history. proceed from the fact that all 220 years have been the minister, but there are not even any claims against them, because for some reason, for some reason,

some countries were considered outcasts yes, but what about the cubes of an outcast, that they are completely collapsed there, see the godfather, part 2 mode. they are 60 years old, already boys. you didn't put it on yourself. now we tried it on and realized that we have financial independence, in my opinion. by and large, there is no sovereignty, but the difference seems like this at the household level, if a man receives a large salary, he believes that he is financially independent, but if he is not a penny without permission, wife, can not spend or no financial sovereignty absolutely in this regard. today we are faced with the number one task for the country today, i think for our finances, we have done a lot. true to the central bank. glory from the fourteenth year for the creation of sovereignty, everything they talked about, everyone knows. it is not necessary to repeat, probably, but the fact that today we have a monopoly on the calculations of western countries. this is a huge problem for us, because we will not stop trading

coal, metal, oil, gas, and we have problems with calculations. we can't have many polar worlds with one or a group of rather than friendly currencies, as something turned out to be the difference already between the dollar and the euro politically there is no number one task for us to decide to create a multinational. the system of financial settlements, if we do this, then we will cope with all other problems. thank you thank you, but i think that here are the views on what who thinks about financial sovereignty are incomprehensible, we can move on to the next topic, although, uh, andrey ilyich a. now you can here is the question here i beg you do not think about the consequences, too, to answer him honestly. so anyway. this is what i started with anton germanovich, and the financial sovereignty of russia, which we are now talking about in today's conditions, is a myth or a reality, it is not a myth. i think i repeat we have more work to do. here

is the international part, oh, about which we are talking about financial calculations for and for the reserve, i have a separate one. these ideas are generally reserves at the moment. it seems to me that it is possible not to form there. why do i really need? where many ideas at the most, but in principle, i repeat. we must solve the problem financially, sovereignty, otherwise it will be very difficult for us. that is, when we paraphrase, we don’t even need to paraphrase. it's just that the song was so all in we were born to make a fairy tale come true - this is the epigraph to our today's session. but we do this all the time, in my opinion, that's why they don't get used to it, that is, evolution is excellent then. excuse us , let's build a new world, so this lesson has a broadcast from the moscow financial forum, where such interesting discussions. we'll be back, and now about the situation in the city of balakliya, kharkov region. here is what our war correspondent yevgeny

poddubny said from the scene. i am reporting the latest that is on the balakley. our group is now located in the kharkov region of the russian group. there was glue in the raisin area, kupinsky retains its combat stability; moreover, now the enemy has not been stopped. despite all the efforts of the group, the formation of the kiev regime, but to overcome our defenses in the shevchenko v area near balakleya, the purpose of the formation of the regime was to take the glue, while stopping the enemy forces, who were trying to bypass the balakleya to reach the strategically important crossroads in the area of ​​\u200b\u200bthe village of cheerful. the russian aviation is actively working, the pilots are hitting the coordinates provided by the reconnaissance, the reactive cannon artillery is working, the enemy is suffering significant

losses, moreover, part of the reserves of the armed forces of ukraine in this direction have already been thrown into battle. this, of course, preserves extremely stressful environment. but today the situation is much better than it was yesterday. now the continuation of the broadcast from the moscow financial forum is really a matter of economic restructuring. it's just now that it's just been highlighted about it. many people say, but it seems to me that this topic has already been heard for many years, everything here is quite banal. we have always understood, i think everyone understood the vulnerability of our economy if the structure is not diversified, and even if domestic demand is largely met by imports, but this

here is a more balanced structure of the economy, no matter how boring it sounds. just uh, this year's events. we were left with no choice. we need to do it, and, of course, it is important. it seems to me that it is not easy to slip into this restructuring into the fact that we have replaced some geographic export markets with other geographical electricity markets. still , labor productivity should increase. we should have a larger share of technological products; in general, the economy should be capable of innovation. this is what we want a competitive economy in ultimately. uh, and here the financial sector for such a restructuring, everyone obviously needs investments. structural adjustment does not happen without investments it is no secret that a significant part of the investments were financed through foreign markets, those markets that have closed and, of

course, everyone is now looking at what our financial system can give for these investments and for the restructuring of the economy. disputes on different platforms will go away here, and the role of the state on the role of the private sector, because, uh, of course there is the desire of many business enterprises. eh, to receive the same cheap loans that were in dollars at interest rates in rubles, to simply replace this financing, in fact, and fix this structure of the economy and the expectations from the budget for budget investments for large incentives. all this is important in the context of structural adjustment, and it is probably impossible to do without budget investments, but it is very important for us not to forget about the private sector and private initiative, and the financial sector is very important here, because it is the financial sector. this

the sector that redistributes capital from one sector to another from less efficient enterprises to other enterprises, and er, here. the ability of the financial sector to meet this challenge is what links what you say financial sovereignty to, uh, economic restructuring. there are many details. what should be bank lending, because we really have a country with a dominated banking system, and uh, we have a lot of investments made conditionally in debt, the company is loaded for a long time. we have extremely there is not enough equity capital in what is called equity financing and the challenge and challenge for the financial sector is to really ramp up. eh, exactly. e. here. this is equity financing to raise capital. and this investor confidence is the key thing. this is what is called us institute. we do not like to

talk about this often now, yes, mainly about the distribution of budget money, but institutions for investor confidence and for the emergence of capital in the country that can help. this restructuring is the key thing, but i'm talking about measures to speak, we need not going here. thank you so much let's go. that's somehow here then now one second can be just then the only one. i have a request to you, uh, to react, because there is a feeling that it is clear that without investment , we will not have any structural adjustment, uh . but the feeling that we have a lack of investment, but now they are somehow growing all this a little, but the lack of investment. it's not a question. uh, money there is money, it's not a desire on the one hand of the business, on the other hand. not sure, that there trust spoke from the other side of the state to invest money. we have a huge number of programs even more spotlights. but projects where all the money is really invested, for which

there are very few. here, if you can, continue. here is what she said. e now. yes, er indeed the structural transformation of this question was asked. yes , we can say that there are many such questions from the point of view of sovereignty. there we know the technological sovereignty we are talking about now. here we are not enough, maybe we were engaged in it. yes because it started to be imported. uh, all from overseas. there food sovereignty, glory. god after the fourteenth year. we have reached such a lot of questions, uh, but, you know, i agree with you that there seems to be money, but everyone says, let's give a subsidy from the budget. come support. well, how much support within the limits brought by the ministry of finance assertion that, let him first learn to swim. and if we learn, we will pour pools of water for them. it 's not right now. eh, i'm just what we have. uh,

frankly, now there are resources. look here. uh, foreigners left, please occupy niches earlier, our exporters are our money and, well, as we say, there the oligarchs exported abroad and invested there, now. i, uh, this outflow, but the risk has already become risky, yes, so there are resources, but still everyone says, come on for support. give support, therefore, it seems to me that we really need to know more such private initiatives, often initiatives in the sense that we don’t need everyone, uh, it means lead by the hand and speak. come on here. we will give you a grant. come here, we'll give you benefits. let 's go somewhere else. well, so, it means that somehow these businesses work. it is clear that the state should help. listen, well, not like that. uh, it means volumes as it is often stated, therefore,

when we say so, we said so. pro uh means sovereignty uh, about sovereignty. uh, of course, it's a combination of and uh, the efforts of the state. uh, it means, first of all, once again technological sovereignties, uh, sovereignty in technical industries that we still do not have this combination of the efforts of the state, but also of business. still, we are now hoping that our entrepreneurs, our entrepreneurs, will feel that you can earn money here, you don’t have to do it, and there are much less risks than investing. e abroad. and the profitability of getting here is much more. can absolutely yes, although we do not do it ourselves now, but, oh well. well, we will talk soon, and also lenchik. you said that one of the components of financial sovereignty is the satisfaction of investment demand through domestic savings. now tell me,

given what i'm saying now, what really is the basics is trust here really think it's real? thanks andrey uh in russia uh, savings significantly exceed the investments that we make by about 1.4-5% of gdp and this, unfortunately, has already remained dependent there for the last many years, that is, we have more internal resources, uh, uh than we invest part goes into outflow, uh, part reserves. and e. today we must create. indeed, the mechanism of trust in investment in our economies in the current context of geopolitical conflict. it's much more difficult. so it's needed today. well, to apply a broader one, maybe the spectrum is more accurate, so there is some kind of spectrum of instruments, for example, external financing. we are losing. well, that means we need a

wider range of internal institutions that e convert these savings into e investments. uh, in this sense, the example of china which uh is many years old. the series brought, uh, the volume of investments to 40% of gdp. we are somewhere around 21:23 all the time trampling. e, in mainly carried out e at the expense of their own savings. here, despite the free zones of foreign presence in china scale. uh, about 4-5% of gdp of such investments, most of them are our own savings. that's what it is. ah, the main institution. he is we, that is, er, the main source. we talked about this here, which means that today we need additional institutions, and in conditions. uh, the absence of, say, insurance institutions is very important. yes, they need to be completed here about this. it has already been said today. eh, temporarily. need increase public e investment temporary.

i would say because for now that's because these investments will create a chain of other private investments. what you just said is very important. i just wish we all understood . that's what you just said, you think i'm not accidental. e to the jewish assignments operated now, who said that it is very important trust you believe that public investment will work on the trust of the business, and it will begin to invest. e time to run. e new mechanisms. yes, you just gave the example of china in china those who require business taken. or he plunders public funds along with the business and is publicly shot at the stadium. i don't think we should be worth it. e, s. well, how to build a model according to this principle, but nevertheless , a business that does not give bribes and honest work. he somehow does not expect the arrival of, uh, law enforcement agencies, which the business will take away from him. it seems to me that this is the main

problem of trust, and not a question of statehood. eh, after all, i think that, uh, except for uh, definitely law enforcement practice or law enforcement practice. it's still a question of the source of institutions, and most chinese investments are mostly part of the quasi- state is considered to be state corporations state funds state banks. so they managed to turn it into e. v. uh, this is the scale of the investment that we are talking about, so it is possible. that's why i want to say that yes, we have a problem of law enforcement. she's not always perfect. in the sense there to bring to execution, and even fair just uh realize. uh, this is also a significant element of trust. here, too, we need to move forward. but it's uh, it's maybe, i could also name two elements of the future volume factor er, or institute. uh, uh transformation problems, we retain our biggest weakness of our

economy as long as it is our dependence on this hydrogen. she is still our weakness. it continues to reduce the effectiveness of many institutions. uh, israel, many israeli scientists who nu have achieved great things. uh, there results uh manufacturing competitive export oriented products. they have it up to the third comes in the volume of exports. they said well that we have no oil. thank god that we do not have in this sense. we must learn to work with this weakness of ours. this is the main thing, our uh, weakness and the second. well, let me give you another example. e. the economies of germany and russia in terms of purchasing power priority are approximately equal to about 3-3, there are two trillion dollars in ppp, but, let's say, we invest in e, neokry about 1% of gdp, there is a little more e in germany 3%. this is the difference. mainly for

account of private investment in neopres. that's when we have unfortunately, er, that is, most of us are investing. uh, private investors in neocras. here we have an inverse relationship, while uh is inversely proportioned, so that's when we cross this line, when private individuals trust our company unconditionally on the basis of those institutions and, uh, guarantees that will be created. eh, they will start investing more even then. i think we will be on the verge of a fairly serious long-term success. it's possible, yes, i just can't know, here's andrey, yes. good that dependence e, that is, the possibility of our resource-based economy. this is our weakness. i would argue here. why is it that our strength is also strength too? why is the oil and gas sector, by the way, very high-tech and investment in high-tech. eh, the sector is also

worth a lot, but that's not the point. the fact is that the woman meant that the weakness is that, if you do not prevent these diseases or visas, you will spend all your oil and gas revenues and get it. uh, like, there are dutch consequences there. this is why vaccination and prevention are needed , you know, and this is exactly what our budgetary support consists of. e. e., of course, he is right about this weakness, which i said absolutely. the only thing is that you gave the example of israel and said that they are happy that they have no oil, but for this they need moses who is 40 years old. and in places where there is oil everywhere, he took the jews in the desert to find the only place where there was no oil. here, uh, we simply don’t have such a thing in our country opportunities, but you know now, israel is doomed. they also found a large gas field.

uh. well, they are still arguing. whose there they are there a lot on what occasion? well, of course, andrey lazy. uh, bring here, if possible, practically aspect in the discussion of this issue. now, if we are talking about the transformation of the economy, then here's what you think is the top priority, here's the top priority, apparently he's there once or twice, three times, that's right specifically and in general, how can this be done? now quickly yes, i will say, only comments and alexey never loved public investment argued a lot he would i say why? they steal because it is not the place that paints a person. i say, let's set the grid. that's depending on the position of the volume of flows. how many people can take to approve it and let's go, i say, then it will work, everything is fine, but it did not work out. and now, well, now about the efficiency of the state corporation. i can talk about this too. yes? i'm not an oscorporation, so, yeah, well, well, you

know, i had a simple time. i believe that the next 3 years, and the diversification of our production should focus on the defense industry and high-tech areas with a dual purpose. that's all. thank you. maksim ivanovich yes, we did not agree. say something on this matter. in fact, a lot has been said. i'll support what alexey leonidovich said and argue a little with anton girovich. here antonevich says niches have opened in technologies. come and earn. well , it is obvious that, for example, in microelectronics, in order to earn one russian market. just not enough yes, and you need 10 20 30 markets of this size in order for the production of microprocesses to be profitable. it requires investments of tens of billions of dollars. we see how this happens in other industries and a completely different effect of scale. if we do something on a smaller scale, it will obviously be less efficient. if this is simply not overcome in this

regard, if we want to talk about technological sovereignty without the role of the state. there is no way to do it, it’s clear that it should always be a mix and honest investments and public investments, but also through direct investments through state guarantees, unless, of course, the state should step in and help these transformations, and not only technological reverses. assigned mentioned geographic transformations. these are not only new corridors. yes, something is not so easy to take and move from one market to another. this is a big infrastructure building. these are railroads. these are highway checkpoints. uh, water channels are many, many things to do in order to so that the flow of goods goes in a different direction. well, the third, probably, that's what we did not talk about. it seems to me that this is also a very important structural transformation. thank god, we are doing it and doing it quite successfully is reducing inequality in our society, inequality between regions and inequality between people. uh, these are the big measures that the president has taken this year to support families with children. just

yesterday, right? rosstat data came out, which shows that despite all the problems, despite relatively high inflation in the second quarter of this year. in our country, the poverty level has slightly decreased, but not sharply soared, but thanks to large-scale support measures, we have managed to keep the situation here and prevent deterioration. in fact, structural changes decline. uh, burning factor, in our society. it will be really big. stimulus for the development of the regions for the development of human capital and will have a very big effect ahead, therefore , once again, here are three key areas of technological change geographic change in terms of inequality. and then you can excuse me, again the same question. we're just going by what you said, really. uh, this is the social support that was provided to people, especially in a difficult period. she played a huge role, no one argues. well, now, as i understand it, our sovereign financial

system will withstand such a level of social spending that is required at least so that it does not fall, but in fact we will need to increase it. it is constantly here the possibilities of our financial systems. here they are, or in this situation, i must say guys. well, we can't stop any longer. eh, when we fix everything, then we will continue to grow. look at us from the point of view of the stability of the financial system. there are two indicators, yes, the main ones. yes, there are more of them in reality, but two main indicators are enough from the capital of the banking system. this is the central bank. ruled a very good job. and we see that despite all these shocks that we have, the banking system has returned to profit now and recently, if i'm not mistaken, we always need to correct me, the central bank stated that the systemic capitalization of the banking system is not required, so there are obviously some point problems here, but systemic risks. no, the second story is the budget. yes, our budget expenditures have grown significantly this year. but look

, we are going through this year, we have now ended. we have an august budget, january-august is in surplus, we do not borrow anything, and the money does not end. this means that the margin of safety. here, too, there is and he allows you to withstand not only external shocks and challenges, but also to form those programs that bring about structural changes in the economy. here you can ask, then. i don't know, here. uh, maxim petrovich said, so i just asked if it’s possible to eat right now, uh, in fact, here is anton germanovich or juris, alright, alexei leonidovich, here we will maintain the level here. social support for the population that is now being set and will we be able to increase it in the conditions of those who are now traveling, i just wanted to hear a track from you. why do i think that this is not what i wanted the whole country would like to hear this, please, mikhalych, where to go personally, obviously restrained and

not only withstood, but we will develop it. uh, that means support measures and more, uh, such an effective system, and a targeted assistance system, which is what we actually talked about. the main thing is that technologically now it is already quite. perhaps a question. eh, next. uh, what always, when uh is at stake now , by the way, we have a budget. we will soon be in parliament, and to introduce it is always the choice. yes. er, so what are the priorities? how much money is there and how much we can afford to borrow. uh, money yourself as a debt so that as we spoke. the next question will now be discussed. so you say, if we keep support, will we increase it or not, we can’t afford it. well, well, just like a human being. i already said there is nowhere to go, we will not go, we will do nowhere. yes , of course, illusions are always the same. if the ministry of finance said that

we will endure, then we will endure, and this is how it is about the financial system. it also has something to do with it, i think. uh, seriously, uh after all, here you are saying, will you definitely withstand the current level, well, definitely hmm, if the state has taken obligations, it must withstand them. is it possible to increase and is it necessary to increase this when we need to increase social support in a crisis, when people lose income, lose their jobs, and so on. we need to do everything so that the economy develops and people can earn their own money. it's just agreed it 's about what e what's that. uh situations when growing up that's how much people can buy at the store with their allowance salary, so that prices don't rise so quickly, that is, well, and somehow agreed on this topic. alexey and you, as a supervising

body? it is absolutely possible to fulfill social budget obligations, including those indexed, and for this we have a fairly strong financial system, but the issue is more complicated in the zero years. uh, we have a standard of living, the real income of the population increased three times , it is clear from the low level of the late nineties over the past decade. real incomes of the population have decreased, that is, on average, we have become less uh, getting uh, the expression there in real terms in this sense, the question is rather, i would paraphrase yours , that can we ensure a stable sustainable growth of real incomes, not only state employees not only budgetary obligations, but in the country in this sense, i believe that such instruments of institutions exist, they must be based on sustainable growth, but uh, in addition, uh, of course, in a year of crisis. anyway,

there may be a loss of real income crisis. unfortunately, it is more difficult to survive, but in the medium long term, we must ensure and can ensure a steady growth in real income. you understand the blow that is being dealt to us, and yesterday it was said at the forum that this blow is primarily an attempt to lower the standard of living of people. that's when i ask the question, actually, it's very important. can we protect people? here is a survey i think, which today is the most important. however, this is already moving on to the third question, which i would very much like to hear from you, because today there are really outstanding specialists on the scene, each in his own field, decisive more important, taking part in solving these problems that are facing.