The Ministry of Finance and the Central Bank will report to Putin on the development of the country’s financial system

The heads of the Ministry of Finance and the Central Bank in the coming days will report to the President of Russia on the development of the financial system, including in terms of the possibilities of financing high-tech, fast-growing companies, Maxim Oreshkin , assistant to the head of state for economic issues, said .

Speaking at the Territory of Meanings forum, Oreshkin said that Russian high-tech, fast-growing companies were forced to resort to Western financing.

“Fast-growing, technology companies that invest a lot, but do not have a large number of assets for collateral, and do not have a solid cash flow, such companies were forced to … use the services of the Western financial system,” Oreshkin explained.

He recalled that Ozon held an IPO on Nasdaq in 2020, and Yandex placed convertible bonds mainly among Western investors in the same 2020.

“We didn’t have this segment of the financial market, and literally on Monday at a meeting with the president, the finance minister and the head of the Central Bank will report on what measures are supposed to be taken to make this type of financing more accessible within the country, and the Russian financial system with this task coped,” added the assistant to the President of the Russian Federation.

In addition, he said, large Russian companies, because they are too big for the Russian financial system, often attracted financing from abroad.

„Now it is important to set up the financial system in such a way that this financing is available within the country,” Oreshkin added.

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