Director of the Autonomous Non-Profit Organization "Center for Monitoring Industrial Development", First Deputy Chairman of the Commission of the Chamber of Commerce of the Russian Federation for Economic Development and Corporate Social Responsibility Ilya Semin spoke about how the Russian economy can resist sanctions.
“The government and the Central Bank keep the situation under control. Possible disengagement from SWIFT has been discussed since 2014. There will be consequences for the economy, but they will be temporary. Disconnection from SWIFT can destroy the entire economic integrity of the participants in the international transfer system. Such a scenario will not affect the internal transfer system in any way,” he said.
Semin also told what measures will help to support the business.
“I would single out 4 support measures in such conditions. First, the creation of programs for long-term lending to Russian companies. Creating products that would allow companies to receive loans at low interest rates would allow companies focused on the domestic market to build their development programs and create jobs.
Secondly, we need programs to support demand for goods and services. By supporting domestic demand, in the end, support for domestic producers is also provided.
Thirdly, a new breakthrough is needed in certain sectors of import substitution. In recent years, the Ministry of Industry and Trade has been engaged in programs that will reduce the effect of technological sanctions.
It is also necessary to build chains of cooperation with more predictable countries that pursue a more pragmatic economic policy. Countries such as China, India and Arab countries are not influenced by irresponsible politicians and are ready to build long-term cooperation chains with Russia,” Semin said.
According to him, in response to the sanctions in Russia, it is necessary to rely on small and medium-sized businesses.
“It is necessary to free for several years from scheduled and unscheduled inspections, to give maximum green light to small businesses, to support any private entrepreneurial initiative. There are very creative people in Russia who will find opportunities to occupy the vacant markets with their products,” he concluded.
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