Putin: Russian banks have shown resistance to the sanctions

MOSCOW, November 13. The Russian banks have demonstrated their resistance to the sanctions, the Russian stock market continues to interest investors. This was announced by the President of the Russian Federation Vladimir Putin in interview to news agencies “Interfax” and “Anadolu”.

“Concerning the restrictive measures imposed against Russia in March last year, they’ve really complicated the situation with attraction of investments from some Western markets. However, the domestic banking sector has demonstrated its resilience to external shocks. We managed to maintain the attractiveness of the Russian stock market. Heads of major multinational companies have recognized the prospective investment in the Russian economy”, – said the President.

Answering the question about “turning Russia to the East,” Putin stressed that “Russia is pursuing a multi-vector foreign policy”. “We strive to purchase as much as possible equal partners both in the West and in the East,” he added.

According to him, interaction of Russia with the Asia-Pacific region historically has a strategic, long-term nature. “It is obvious that the role of the region in global Affairs will only increase, and we will certainly consider,” – said Putin.

The President added that in the context of Western sanctions, “cooperation with Asian partners for attraction of financial resources is particularly relevant.”

Putin has reminded that about 90 percent of investment in Russia over the past year, are the resources of the Asian market, several large Russian companies get loans in China, studied the possibility of government borrowing in China, opportunities for cooperation open and programs of development of Siberia and the Far East of Russia.

“To strengthen our cooperation, we are improving the taxation of income from financing projects in our country, as well as offer new, promising initiatives,” the President added.

The reform of the IMF

Putin urged to continue the reform of the IMF to avoid politically motivated restrictions on global Finance.

“First of all it is necessary to continue improving the international monetary and financial system. Impartially and equitably reallocate quotas and voting in the IMF is in favor of gained weight countries with developing economies. To increase the efficiency and the legitimacy of the activities of the Fund. In addition, we are increasingly seeing the introduction of politically motivated restrictions on the admission of sovereign borrowers and companies to the world financial markets”, – said the President of the Russian Federation.

He expressed the view that on all these issues “Group of twenty” could become the main platform for dialogue.

Putin noted that “the role of the “group of twenty” in the global system of economy and Finance is steadily growing”. “Thanks to decisions taken by the group of twenty, managed to create conditions to overcome the effects of the 2008-2009 crisis, but also to increase the stability and transparency of global financial markets”, – he reminded.

However, said the Russian leader, “today the global economy is still unstable and cannot reach the path of sustainable and balanced growth”. In these conditions, he added the activities of the “group of twenty” is especially popular.

Among other relevant topics for discussion within the G20, Putin said, is the reform of international tax rules, which was launched at the summit of “twenty” in St. Petersburg.

“In Antalya is to be completed the adoption of the Plan on base erosion and profit shifting. The next step is the introduction of the new rules in practice in the countries “the twenty” and beyond” – said Putin.

The President called an important achievement of the “twenty” this year the development of G20 countries ‘ investment strategies, which include specific commitments to stimulate domestic demand through investment. “Thus, the initiative put forward by Russia in the year of its presidency in the “twenty”, translated in a practical plane”, – concluded Putin.