Breaking Stereotypes: The Russian Economy in the Sanctions Reality

Organiser: Sberbank of Russia

Venue: SBER zone, Lounge A, 1st floor

Time: May 19, 10:00–11:15

Moderator: Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank PJSC

Speakers:

Dmitry Volvach, Deputy Minister of Economic Development of the Russian Federation;

Sergey Belyakov, Managing Director, Ozon Holding;

Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia;

Alireza Peyman-Pak, Deputy Minister of Industry, Natural Resources and Trade, Head of the Trade Promotion Organization of Iran;

Elena Dybova, Vice President of the Chamber of Commerce and Industry of the Russian Federation.

To set the framework of the discussion, Alexander Vedyakhin identified the development trends of the Russian economy under fifteen thousand different restrictions imposed on Russia. Having noted the positive economic growth trend in the relevant segments, he invited the session participants to answer how the policy of economic sovereignty of the Russian Federation has been shaping over the past year, and outline the prospects for this process.

Dmitry Volvach stated that, despite the significant difficulties faced by the Russian economy in 2022, it showed growth by the end of the 4th quarter. This growth is a true reflection of the economic development tendency, rather than a situational phenomenon. The Deputy Minister of Economic Development of the Russian Federation makes an optimistic conclusion: “We do have an economy!”

The foundations of Russia’s economic sovereignty has been establishing during 10 years.

He also noted that people in Russia have demonstrated a high readiness for mobilization, and showed a high degree of confidence in the state.

Having noted the great role of the government policy in preserving the operability of Russian business, Sergey Belyakov focused on the expectations for 2023. Defining the tasks of marketplaces which are among the Russian market drivers, he stressed that a time of difficulties are a time of new opportunities. According to him, “the most important thing is to avoid any fuss.” He compared business with a middle-distance race: “You need to run fast, not only fast, but also for a long time and, most importantly, in the right direction.”

Vladimir Chistyukhin noted the successful development of marketplaces and the necessity to act promptly for the whole domestic economy, although, as he said, in general we move in the right direction. He stressed that sanctions of such a volume should have disrupted any economy, but the situation in the Russian market began to improve as early as the beginning of the autumn.

Alireza Peyman-Pak shared the experience of national economy survival in the face of sanctions. He noted that the sanction pressure will grow, and in these conditions the most important thing is to be proactive.

Elena Dybova mentioned the significant role of entrepreneurs in maintaining stability of the Russian economy. She stressed that the experience of diversification in the context of collapsing ties has been gained during the pandemic. The practical work of Iranian economy in the domestic market proved to be very instructive too. The unemployment rate trend is an indicator of the internal resource mobilization.