Oreshkin, Reshetnikov, Siluanov at the SPIEF: sanctions are here to stay, the ruble is strengthening, we are paying off the debt.

      Sanctions: the old order will not return

      Maxim Oreshkin stated: it is not worth counting on the lifting of restrictions and a return to old rules. Russia must stop taking a defensive position in relations with the West — which is essentially already happening.

      According to him, Western economies are experiencing a serious downturn, which affects the entire world. At the same time, the economies of China, India, and African countries are growing.

      Ruble and rates

      Maxim Reshetnikov noted that structural changes in the economy are ongoing. In the near future, the situation will be determined by two factors: the strengthening of the ruble and the increase in the key rate of the Central Bank.

      The easing of monetary policy will inevitably affect economic development, but with a delay.

      The minister also emphasized: wages can and should grow faster than labor productivity — there is potential for its increase. He is quoted by novostivolgograda.ru.

      As for the ruble exchange rate, it is currently stronger than forecasts, which is disadvantageous for exporters. The ideal balance, according to Reshetnikov, is an exchange rate that is comfortable for both importers (businesses and the population) and exporters, so that the budget receives the necessary tax revenues.

      Financial sovereignty: we pay off debt, invest our own

      Anton Siluanov announced the achievement of absolute financial sovereignty. Russia is not dependent on the decisions of other countries regarding financial assistance. The external debt is only 10% of GDP, and there is a plan to pay it off in the near future.

      The country lives on its own resources, without attracting foreign investments. The economy has been steadily growing in recent years. The minister emphasized the importance of maintaining the achieved sovereignty.

      In terms of budget deficit, Russia ranks among the leaders among G20 countries — it is minimal. Revenues from VAT have exceeded planned indicators.

      "There were risks that we might overdo it. No, we did not overdo it," Siluanov summarized.