Programme

RUSSIAN CAPITAL FLOWS ESTABLISHING THE RIGHT INCENTIVES

Realizing Russia's Competitive Edge
Arena
Pavilion 4, Conference Hall 4.1


Corporate finance for Russian firms is relatively expensive, stymieing investment in productivity and expansion in young, small, and medium-sized businesses. At the same time, the country experiences large capital outflows. What policy prescriptions and changes to the investment environment can reverse capital flows back into Russia, while providing domestic firms with much-needed growth capital?


Moderator:
Steve Sedgwick , Anchor, CNBC

Panellists
Alexander Afanasiev , Chairman of the Executive Board, Moscow Exchange
Oleg Vyugin , Member of the Board of Directors, Independent Director, Rosneft; Professor, National Research University Higher School of Economics
Irackly Mtibelishvily , Managing Director, Chairman of Corporate and Investment Banking, Russia, Kazakhstan and Ukraine, Citi
Elvira Nabiullina , Governor, Central Bank of the Russian Federation
Viatcheslav Pivovarov , Chief Executive Officer, Altera Capital
Denis Shulakov , First Vice-President, Gazprombank (Joint-Stock Company)
Alexey Yakovitskiy , Global Chief Executive Officer, VTB Capital Holding

Broadcast

Key moments

“We shouldn’t be looking for what can be limited or restricted; we should be looking for how to bring forth the necessary changes to the legislation so that businesses will be able to say: “Yes, it’s comfortable working here.”
Oleg Viyugin
“In the near future, economic growth must be investment-orientated and there is consensus on this in Russian society”.
Elvira Nabiullina
“Modern economic theory […] says that only a market economy can be the most effective. And the role of the government boils down to letting the market economy work and then the markets decide everything for themselves”.
Viatcheslav Pivovarov
“Instead of this kind of [short-term] capital, more long-term capital is arriving from other countries with a different understanding of risks. It is precisely this kind of capital that Russia needs the most, taking into account the priorities of economic growth connected with long-term investments”.
Alexei Yakovitsky
“We relate identically to both Russian and foreign investors. This is clear because we have virtually no restrictions on inflows and outflows. We are a very liberalised financial market”.
Elvira Nabiullina
“We are focusing on inflation targeting, on gradually reducing inflation and we believe a medium-term inflation figure of 4% to be appropriate for Russia”.
Elvira Nabiullina
“It is quite obvious that, in the near future, we need to place our stake on creating conditions for the long-term domestic investor. This is, of course, also a task for the government and for the Central Bank”.
Elvira Nabiullina