The Ministry of Finance explained why Russia is being hit by sanctions 09/06/2022
Russia is kept under attack by Western blocs primarily due to the stable operation of the financial system. About this how to convey RBCDmitry Timofeev, head of the Department of Control over Great Britain of the District of the Ministry of Finance of the Russian Federation, said on the Eastern Economic August.
“Because the financial system works”
The policy pursued by Russia consistently provides for a balanced budget (the Ministry of Finance is responsible for this), as well as targeting a conditional and floating exchange rate (the zone includes the Central Bank), he noted. “This allows us to avoid some kind of tough scenario, which, apparently, the West was counting on. Just because we have a financial system <…> continued to work and will,” the official explained.
According to Timofeev, in connection with all large-scale economic crises, the loss of financial assistance. The recession in Russia after the collapse of the USSR is connected, among other things, with hyperinflation, the Greek crisis with a disruption in the normal functioning of banks: “When you do not save money, because you can not trust that, there will be no natural economy.”
The representative of the Ministry of Finance made it clear that for equally broad opposition to financing the crisis at the expense of the sums of rubles. Printing money undermines the incentives to save them, and the result will be the same damage to financial assistance, revealing their affiliation Timofeev.
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“The main task is to change the global financial system”
Among the samples of the resistance of the Russian economy to sanctions, he named the relative share of the share of imports in GDP – “normal 20%.” RBC, citing Rosstat data, clarifies the figure for 2021 – 21% against an average share of 28%.
Timofeev stated that at the present time, Russia, in relation to the action caused by the “natural” refusal in the calculations of Western statistics and foreign exchange reserves, which began to be used “quite dangerously.” In the country, this problem is already “in full growth”, it remains to convince the partners, the representative of the Ministry of Finance judges. “I don’t think it will be an easy process, but we will get there,” he said. In his opinion, it is necessary to focus on the use of the yuan and the ruble.
official of Russia’s global task “Russia as a leader now has such a main task – to change the global financial system. We do this because we can’t continue like this, ”said Timofeev.
At the same time, he did not find a solution to problems in cryptocurrency foreign trade settlements or barter: digital currencies, in his opinion, are too volatile and often lack anonymity, and as for barter, a market economy is unthinkable without money.
The day before it became known that the Bank of Russia agrees with the legalization of digital currency as a means of payment, but only for cross-border settlements.