“The worst is over, tears are shed, mistakes are taken into account”
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For 20 years at the helm VTB Andrey Kostin has gone through many “perfect storms”, to which he refers the current one. But this one is different in that you should not count on restoring old ties. “We see an example of absolutely looting use of our market by the West, and I would not enter such water for the second time,” the banker admits. This implies a further rejection of the dollar and the euro and the emergence of new settlement mechanisms in national currencies if Russia moves towards a multipolar world. Even if so far this movement is uncomfortable and complicated, there are much more risks in the “lawlessness of the West” than the inconvenience from a multipolar settlement system. In his interview with Vedomosti, Kostin also spoke about what needs to be done to restore investor confidence, whether there is a risk of yuanization of the economy, and what awaits Basel in Russia.
– Six months have passed since the imposition of sanctions, and the rally in our financial market ended rather harshly. How do you assess his condition now, has he passed the peak of the crisis?
– Sanctions and restrictions, other events that affected the securities market, of course, are unprecedented. No one could predict some measures and their consequences.
Now we have several tasks. The first is to resolve the issue of blocked securities. 5 million Russian retail investors suffered, assets worth trillions of rubles were blocked due to sanctions. The sums are huge, a large stratum of the middle class, the most active part of the population, has suffered. We cannot talk about restoring confidence in the stock market and its prospects as a source of investment resource until we solve this problem. So our main task today is to return the blocked funds of retail investors.
The second task is to establish new directions: the market for “soft” currencies of friendly countries, primarily the yuan. It is also necessary to give new life to the Russian stock market by expanding and enriching it with new elements.
The worst is over, tears are shed, mistakes are accounted for. It is important to understand that a new era is coming, it makes no sense to operate with the concepts and categories of the past.
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