Russia’s absolute sovereignty, contours of next economic model discussed at SPIEF
Russia’s external debt currently stands at 10% and will soon be fully repaid, Russian Finance Minister Anton Siluanov said.
Russia has achieved absolute sovereignty in financial matters and is independent from decisions made by third countries, Russian Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum (SPIEF).
At the same time, Russian Economic Development Minister Maxim Reshetnikov said higher interest rates and a stronger ruble could become defining features of the next economic model.
According to Deputy Chief of Staff of the Russian Presidential Administration Maxim Oreshkin, there is no point in waiting for sanctions to be lifted or for the return of the world that existed 20 years ago, as it no longer exists.
TASS has compiled the key statements made at SPIEF.
Siluanov’s statements
Russia has achieved absolute sovereignty in financial matters: "From the financial standpoint, I think we are absolutely sovereign -- not just ‘I think,’ we have achieved a completely sovereign position. Namely, we are independent from decisions made by third countries."
Russia makes decisions on budgetary matters entirely independently, based on the country’s priorities and needs. "But I want to say that under no circumstances should we relax here. Sovereignty must be protected very carefully."
Russia does not depend on external financial infrastructure and relies on its domestic financial and economic capabilities: "We do not depend on external financial infrastructure. We have created our own infrastructure, it works, and even the disconnection of all financial services did not affect our ability to conduct settlements."
Russia’s external debt currently stands at 10% and will soon be fully repaid: "Our external debt is only 10% overall, which we will soon repay, and I hope no such debts will remain."
Russia has been living for years under conditions of "global lawlessness," which makes it necessary to create conditions for domestic development.
Current market conditions make it possible to replenish the National Wealth Fund.
Russia’s resilience has been built in recent years thanks to its people, financial system, and technologies: "Resilience is not only about finances. It is our people, our capabilities, and technologies into which we have invested heavily. All of this forms the country’s overall resilience, which has developed over recent years."
Value-added tax (VAT) revenues to the Russian budget are coming in "above plan."
The Russian economy has shifted to growth, with cuts to the Central Bank’s key rate serving as the main indicator: "We see that the economy has now moved into positive territory. Incidentally, our main barometer is the key rate. The rate is going down -- the economy is growing."
The Finance Ministry is currently preparing proposals regarding tax expenditures, and such work is ongoing on a permanent basis.
Looking ahead, the Finance Ministry believes the oil price cutoff in the budget rule should be lowered: "You know, this year we decided not to change the cutoff price, but looking ahead we are now thinking it obviously needs to be adjusted downward."
Source
Russia has achieved absolute sovereignty in financial matters and is independent from decisions made by third countries, Russian Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum (SPIEF).
At the same time, Russian Economic Development Minister Maxim Reshetnikov said higher interest rates and a stronger ruble could become defining features of the next economic model.
According to Deputy Chief of Staff of the Russian Presidential Administration Maxim Oreshkin, there is no point in waiting for sanctions to be lifted or for the return of the world that existed 20 years ago, as it no longer exists.
TASS has compiled the key statements made at SPIEF.
Siluanov’s statements
Russia has achieved absolute sovereignty in financial matters: "From the financial standpoint, I think we are absolutely sovereign -- not just ‘I think,’ we have achieved a completely sovereign position. Namely, we are independent from decisions made by third countries."
Russia makes decisions on budgetary matters entirely independently, based on the country’s priorities and needs. "But I want to say that under no circumstances should we relax here. Sovereignty must be protected very carefully."
Russia does not depend on external financial infrastructure and relies on its domestic financial and economic capabilities: "We do not depend on external financial infrastructure. We have created our own infrastructure, it works, and even the disconnection of all financial services did not affect our ability to conduct settlements."
Russia’s external debt currently stands at 10% and will soon be fully repaid: "Our external debt is only 10% overall, which we will soon repay, and I hope no such debts will remain."
Russia has been living for years under conditions of "global lawlessness," which makes it necessary to create conditions for domestic development.
Current market conditions make it possible to replenish the National Wealth Fund.
Russia’s resilience has been built in recent years thanks to its people, financial system, and technologies: "Resilience is not only about finances. It is our people, our capabilities, and technologies into which we have invested heavily. All of this forms the country’s overall resilience, which has developed over recent years."
Value-added tax (VAT) revenues to the Russian budget are coming in "above plan."
The Russian economy has shifted to growth, with cuts to the Central Bank’s key rate serving as the main indicator: "We see that the economy has now moved into positive territory. Incidentally, our main barometer is the key rate. The rate is going down -- the economy is growing."
The Finance Ministry is currently preparing proposals regarding tax expenditures, and such work is ongoing on a permanent basis.
Looking ahead, the Finance Ministry believes the oil price cutoff in the budget rule should be lowered: "You know, this year we decided not to change the cutoff price, but looking ahead we are now thinking it obviously needs to be adjusted downward."
Source