Business programme

Russia's Financial Sector in a New Environment

16 Jun , 11:00–12:15
The Russian Economy: New Objectives and Horizons
In partnership with Sber

The financial market was the first to suffer the blow of anti-Russia sanctions. The ban on provision of financial services for major Russian banks, the freeze on their overseas assets, disconnection from SWIFT, the removal of bank apps from Google Play and App Store, the pullout of major payment systems from Russia, the prohibition on imports of euro and US dollar bank notes to Russia - all of that has seriously tested the resilience and flexibility of the Russian financial system. The current situation is forcing Russian companies to overhaul their business models and look for alternative sources of investment. Meeting the new needs of businesses is a big challenge for the financial system. How ready and willing are Russia and its trading partners to switch to settlements in national currencies? What are the prospects to roll out the Mir payment system in new countries? What could encourage investment in Russia's economy, bolster the equity market, and enable the listing of Russian companies on global trading venues? Can restrictions on capital flows be lifted? How promising would be a pivot of Russian banks to the East, and what barriers will need to be overcome en route? What is the experience of other countries in transforming their financial sector under sanctions?