Igor Shuvalov: Moscow’s role as a local financial center is growing

The fragmentation of the global financial system and the departure of the dollar and the euro from settlements in a significant part increases the role of Moscow as a financial center that provides settlements in local currencies, including the yuan, ruble and others, VEB head Igor Shuvalov said at the Eastern Economic Forum. “We will live in conditions where the dollar and the euro will not have such power. But the yuan, the ruble, and other currencies will build up their forces,” he said.

VEB no longer conducts transactions in dollars and euros, working in rubles and friendly currencies. At the same time, according to him, other banks should also correct their work. “We must act with the assumption that tough sanctions will still be imposed on the entire banking community. It is unlikely that the largest banks will be sanctioned and others not. The entire banking sector needs to prepare to have other ways of completing settlements on the operations of its clients,” said Igor Shuvalov.