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Russia needs new model of development in face of sanctions — VEB.RF CEO Igor Shuvalov

Adaptation to sanctions should be coupled with awareness of the future new model of development. It will have a very high degree of import substitution. It is not only about the production of critically necessary elements and technologies, but also about the ability to compete in foreign markets, the Chairman of the "VEB.RF" state corporation Igor Shuvalov stressed.

   
March 19, 2022, 00:38
Russia
Igor Shuvalov. Photo: TASS

Igor Shuvalov. Photo: TASS

MOSCOW (Realist Ebglish). Russia is ready to disconnect from the SWIFT system, for this the Central Bank has developed communication channels in advance. This was stated in an interview with RT by the Chairman of the “VEB.RF” state corporation Igor Shuvalov.

“We were also ready to carry out clearings without using the SWIFT system. To do this, the Central Bank has developed communication channels in advance. Even when we chaired the SCO and BRICS interbank association, we actively promoted the system created by the Central Bank. We offered it to our partners in different countries in order to exchange data on clearings later,” he said.

According to Shuvalov, the Russian economy is in the stage of adaptation now:

“But this adaptation must be coupled with awareness of the future new development model. It will have a very high degree of import substitution. It is not only about the production of critical elements and technologies, but also about the ability to compete in foreign markets. This will be one of the main features of this stage of development.”

The head of VEB.RF noted that a new agenda is being formed in the country, which the President has already mentioned.

“These are basic infrastructure, housing construction, science, education, freedom of entrepreneurship and economic life. All these are elements of a new agenda that will allow for our economy to become much stronger.”

Shuvalov is convinced that the people who impose sanctions do not understand the Russian character:

“The greater the pressure from the outside, the more united we are — and we will do as we see fit. We will figure it out ourselves what to do at home, we do not need any outside directions or help by taking away something that belongs to us. It won’t lead to anything good.”

On the morning of February 24, the Supreme Commander-in-Chief Vladimir Putin announced the start of a special military operation of the Russian Armed Force in the Ukraine. The special operation forestalled and thwarted a large-scale offensive by the shock groups of the Armed Forces of the Ukraine on the Lugansk and Donetsk People’s Republics, which are not controlled by the Kiev regime, in March of this year.

Upon the start of the special operation, the United States and its allies unleashed an economic war against Russia. On March 17, President Vladimir Putin said that anti-Russian sanctions cause a lot of problems, but also open up new opportunities.

Earlier, Finance Minister Anton Siluanov stressed that anti-Russian sanctions also cause damage to Western countries.

Igor ShuvalovRussiaSanctions
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