China News Agency, Moscow, September 8 (Reporter Tian Bing) Russian Prime Minister Mishustin said at the Moscow Financial Forum on the 8th that the West launched unprecedented sanctions against Russia, but did not achieve the goal of undermining Russia's financial stability.
Mishustin said that the cooperation between the Russian government and the central bank has greatly reduced the negative impact of Western sanctions on Russia.
He pointed out that Russia has taken measures to curb capital outflows and ensure the normal functioning of banks and other financial institutions, and that the ruble exchange rate has remained largely stable.
He also said that the Western restrictions on Russia's energy exports have increased Russia's oil and gas revenue by nearly 50%.
Mishustin also stressed that Russia will face long-term and or increasing sanctions pressure.
The Russian government recently held a strategic meeting on the further development of the domestic financial system, and made several decisions, including adjusting the financial system and establishing effective mechanisms to ensure the flexibility of the Russian economy, ensure the stability of various industries and provide employment opportunities.
Mishustin pointed out that in response to the current challenges, it is very important to formulate and adopt a financial market development strategy until 2030.
The government will work with the central bank to gradually implement the strategy will promote domestic economic development investment.
Russian Finance Minister Siluanov said at the forum that for Russia, financial sovereignty means "living within our means."
It is impossible to talk about sovereignty without independent fiscal and financial policies, he said.
There have been many difficult times in Russia's history. Fiscal imbalances have led to unstable social and economic development, and lessons have been profound.
Siluanov pointed out that for the Russian Ministry of Finance, financial sovereignty is first and foremost a stable and balanced budget, which makes it possible to ensure the stability of the macroeconomic situation.
He also stressed the importance of creating Russia's own payment system.
Kudrin, director of the Russian Audit Office, expressed at the forum that he hopes the ruble can be restored to free convertibility and strives to improve the ruble's reputation in international settlements.
Russia's international settlement issue under the current situation remains one of the most difficult, he said.
More than 50% of Russia's imports and exports are denominated in US dollars, and another 30% are denominated in euros, which are difficult to substitute in other currencies in many cases.
Russian Deputy Finance Minister Maximov said at the forum that the Russian Ministry of Finance plans to return to the bond market for trading federal bonds in September, preparing to conduct market tests with different amounts of bonds and different instruments.
The 6th Moscow Financial Forum was held on September 8 at the "Manesh" Central Exhibition Hall in Moscow. The theme of this forum was "Russian Financial Sovereignty: Myth or Reality".
The event is hosted by the Russian Ministry of Finance and the Moscow City Government.
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