Date: 11 months ago   Category: Economy

Kostin has proposed measures for protection of the banking sector against external risks — Rambler News Service


The head of VTB Andrey Kostin, acting on Moscow a financial forum, I have listed measures which should be undertaken for sufficient protection of the banking sector of Russia against external risks, in particular from sanctions of the USA. "The first. We have to develop, of course, payments in the Russian currency and other currencies — not dollar. To reduce threats of risk from possible influence in political goals from the American administration" — Kostin has said. Secondly, according to Kostin, it is necessary to strengthen a tendency of transfer of head structures of offshore holdings of the Russian companies in the Russian jurisdiction. "I well know the clients. Believe, the clients who have fallen under sanctions in April — our companies — have huge problems because they are registered abroad. At once all corporate management system falls, all directors, all managers run away at once, and the company collapses in two days. It is necessary for us that the Russian companies have been registered in Russia" — the head of VTB has noted. Thirdly, Kostin has expressed the need to transfer infrastructure of the market of eurobonds to the Russian jurisdiction. According to him, it is necessary to create legal base and to reconstruct infrastructure that the National Settlement Depositary (NSD) was primary depositary and it was possible to place the Russian securities first of all in the Russian jurisdiction through the Russian platforms. "The fourth. It is necessary to transfer more actively the circulation of stocks of the Russian issuers to the Moscow Stock Exchange … I think, quite it is necessary to go to tougher regulation, including when the Central Bank can lay down more severe conditions about what percent of shares can be placed in depository receipts abroad and what — in the form of the Russian actions" — Kostin has said. The head of VTB also has urged to create the Russian platforms for work with instruments of hedging of risks at commodity exchanges and future contracts. According to him, all work with them is conducted through banks and the companies of the West that creates huge risks for the Russian banks and for their clients if there are unfriendly actions from bodies of the USA or other countries. "And, maybe, the last so far in this list is a development of the centralized clearing Mezhbank of precious metals. Today, if, for example, VTB sells to Sberbank precious metals, then they are taken out to Zurich, to London and through the western banks there are calculations. We are able if it we want, to create such market of calculations and to make it, certainly," — Kostin has told. In conclusion the head of VTB has suggested to rethink the international obligations of Russia, in particular, in such organizations as the IMF, the EBRD and the World Bank where the countries of the West dominate.

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