- Elvira Nabiullina noted that the Russian financial system faced an unprecedented number of external restrictions and sanctions, but was able to effectively resist them
According to TASS, Russia's state-owned news agency article published on November 1, 2022, the Russian financial system must remain integrated into the world, but critical elements of the financial infrastructure must be local, Governor of the Bank of Russia Elvira Nabiullina said in a documentary on the formation of Russia’s financial system.
"When people talk about sovereign financial, monetary policy, it should not be perceived as creating a completely closed circuit, isolated from the entire world. We must, in my opinion, remain integrated into the world economy, into the world financial system. However, critical elements of the financial infrastructure should be local, especially payment systems," Nabiullina believes.
She noted that the Russian financial system faced an unprecedented number of external restrictions and sanctions, but was able to effectively resist them.
In turn, Finance Minister Anton Siluanov has praised the set of measures his ministry developed to respond to sanctions pressure on Russia. According to him, the country has "found an antidote" to sanctions. "The common achievement, in particular by the Ministry of Finance, is that we have developed a whole range of measures to respond to this difficult situation. We already have an approximate program of actions, a program of decisions on how we should build the economy, finances. We already have certain recipes for working in such restrictions," Siluanov said.
According to the minister, Russia is coping with sanctions. "We have already learned to respond to the restrictions we have to live with. We have found an antidote against these sanctions," he said.
