The financial and banking community discusses the economic situation
The discussion round table "Financial stability in an unstable environment: Sanctions. Banks. Business" was devoted to the substantive consideration of urgent financial and economic problems. The event was organized on June 30 this year on the initiative of the International Banking Committee of the Financial and Business Association of Eurasian Cooperation (FBA EAC). The preparation of the event, which attracted up to 100 participants in person and in absentia, was carried out with the full support of the Subcommittee on Financial and Banking Activities of the RSPP Committee for International Cooperation, the Moscow Chamber of Commerce and Industry Union (MCCI) and the participation of the Association of Russian Banks (ARB).
The agenda of the meeting included discussion of such issues as:
- the tasks of stabilizing the exchange rate and developing payment relations in the face of increased sanctions pressure;
- problems of credit and settlement services of the corporate sector, as well as cross-border retail payments, and ways to solve them;
- the work of state regulatory bodies on the management of systemic financial risks;
- transformation of financial markets under the influence of sanctions;
- anti-crisis financial policy and the role of the banking system in solving tasks of structural adjustment of the economy.
The heads of banking institutions, commercial and industrial enterprises, representatives of business associations and international development institutions, leading financial experts and specialists of the Eurasian Economic Commission (EEC), accepted the invitation to the meeting.
The RSPP President Alexander Shokhin addressed the audience with an introductory speech, noting that the new meeting, convened in an expanded format by the heads of several specialized financial and economic organizations, was a continuation of the XXVI Congress of the RSPP held the day before in the same hall. After the speeches of the Minister of Finance of the Russian Federation Anton Siluanov, the Chairman of the Bank of Russia Elvira Nabiullina and the Minister of Economic Development Maxim Reshetnikov, he noted that the topics of the exchange rate, interest rates, international settlements and monetary and financial regulation were in priority. The head of the RSPP urged the participants of the meeting to focus on practical proposals that could be included in the upcoming recommendations of the congress, thereby ensuring increased attention.
Vice-President of the Moscow Chamber of Commerce and Industry Suren Vardanyan welcomed the participants of the meeting on behalf of the Union.
The Chairman of the IBC and a member of the Board of the FBA EAC, Vice-President, member of the Council and Chairman of the ARB Committee on International Activities Oleg Preksin moderated the round table.
Ivan Timofeev, Program Director of the Russian International Affairs Council, highlighted the topic of business development under sanctions in the context of geopolitical shifts. Sergey Dubinin, Deputy Chairman of the RSPP Committee for International Cooperation and Head of the Department of Finance and Credit of the Faculty of Economics of Moscow State University (MSU), focused on financial and banking topics, making a report on "Financial sanctions and the banking sector".
Roman Fadeev, Director of the RSPP for the Development of Financial Markets of the Financial Policy and Financial Markets Department, shared the results of a survey of Russian companies on the current state and further development of cross-border settlements. Alexey Voilukov, Vice President of the Association of Banks of Russia, who spoke online, presented infrastructural problems of external settlements in the representation of banks belonging to the Association.
A separate block consisted of the issues of the activities of interstate financial and economic organizations represented at the meeting by Dmitry Mityaev, Executive Secretary of the Scientific and Technical Council under the Chairman of the EEC Board, and Sergey Vasiliev, a member of the Board - Deputy Chairman of the Board of the Eurasian Development Bank (EDB). If the first one devoted the report to the discussion topic "Options for creating a unified financial, trade and payment and settlement architecture of Greater Eurasia", then the EDB plenipotentiary representative focused on practical issues of settlements in the national currencies of the EAEU countries. In addition, this topic raised questions from the audience, including from such institutions that have opened their accounts in the EDB, such as Fora-Bank.
Evgeny Nadorshin, Chief Economist of PF Capital, who spoke remotely, took an active part in the discussion. He touched upon the underlying problems of the situation and, not limiting himself to general conclusions, focused on specific recommendations.
Oleg Solntsev, Deputy General Director, Head of the Monetary Policy and Banking System Analysis Department presented the view from the Center for Macroeconomic Analysis and Short-Term Forecasting (CIACP) on the possibilities of developing foreign trade with friendly countries using multilateral clearing mechanisms. Alexey Lobanov, head of the department from the University of the Bank of Russia, member of the Board of the Russian division of PRMIA (International Association of Professional Risk Managers), spoke about the prospects of banking services for export-import operations in the context of the crisis of interbank correspondent relations. Ilya Gurov, Associate Professor of Finance and Credit at the Faculty of Economics of Moscow State University, contributed to the success of the analytical part of the meeting and chose the topic of working capital management, attraction and placement of funds in conditions of economic instability.
Among the participants of the face-to-face meeting were Oleg Berezovoy, General Director of the FBA EAC, Evgeny Melnikov, First Deputy Chairman of the RSPP Committee for International Cooperation, and Andrey Nechaev, the first Minister of Economy of the new Russia and chairman of the Civic Initiative party, who made final comments on the entire range of issues raised.
According to the general opinion of the participants of the round table, the conversation was substantive, frank and professional.