Dosed financial sovereignty: economic authorities discussed how to live within your means and not walk with outstretched hands

The isolation of the Russian financial system from the international one as a result of the sanctions raised the question of how to live on in front of the economic authorities. At the plenary session of the Moscow Financial Forum, Finance Minister Anton Siluanov, Central Bank Chairman Elvira Nabiullina, presidential aide for economics Maxim Oreshkin, Accounts Chamber head Alexei Kudrin, and VTB Bank chairman Andrey Kostin acknowledged that Russia has to create new infrastructure and institutions.

The term “financial sovereignty” actually first appeared on the agenda of the authorities as a fundamental principle of the transformation of the entire economy. Before the sanctions, the rules of the game and trends were largely determined by foreign players and institutions: predominantly Western banks and hedge funds through their participation in the Russian stock and currency markets with colossal leverage by Russian standards, international institutions through the inclusion in the global system of rules, such as Basel principles of banking regulation, international reporting standards, etc., the participants of the session stated. The Russian financial system, despite the sanctions, has not collapsed: on the one hand, isolation has untied the hands of regulators and players, on the other hand, national institutions either do not yet exist or their work has not been fully debugged.