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SPEECHES, INTERVIEWS, ARTICLES

30.11.2012

Russian Ambassador Alexander Yakovenko speaks at at the annual Russian Banking Forum (28 November 2012)

Dear Ladies and Gentlemen,

I am glad to welcome you in London at the Nineteenth Russian Banking Forum, hosted under the auspices of the Adam Smith Institute. I am pleased, as a year ago, to see in the audience today the familiar faces of the leading Russian bankers, financiers and economists of the City. This annual forum is established platform for discussion of the current trends and priorities of the national banking sector, with the participation of international experts, representatives of the international financial community.

The opening session of the forum "The new mosaic of global markets and the image of Russia in the international market" will give the opportunity to discuss broader macroeconomic processes, look at the changes in the global economy and their impact on the development of the Russian financial sector. I am pleased that Jim O'Neill is taking part in the debate, the man who was one of the first to determine the trend shift of the global economic center of gravity from the developed economies toward dynamic emerging markets.

In spite of the unsustainable growth and the European debt crisis, ongoing uncertainty in the global markets, Russia is maintaining the overall positive dynamics of the key indicators. In the first half of this year, we saw a sufficiently stable economic growth, and the GDP growth outlook made by the Bank of Russia and international financial institutions for the year of 2012 varies within 3.5-4% and will remain within this range with a favourable scenario in the next few years. In order to prevent negative effect of possible escalation of the situation in the euro area the anti-crisis measures have been developed by the Russian Government, while the record low level of public debt (10% of GDP) and the accumulated amount of the Reserve Fund and the National Wellbeing Fund (145 bn US dollars) create opportunities for additional fiscal and monetary stimulus of the economy.

As far as I am informed, the Russian banks, in turn, have been withstanding rather successfully the volatility of the international financial markets. The European financial sector has a limited impact on the Russian banking system because, according to the Government assessments, Russian banks have low investments in the euro area sovereign debt, while their external financing is also insignificant against the accumulated foreign exchange funds. The recent stress tests carried out by the Bank of Russia and the IMF, have demonstrated the relative stability of the Russian banking system with sufficient resilience and low currency risks. In September the successful stock floatation of a large state-owned share of Sberbank in the public market in Moscow and in London as part of the privatization program has clearly shown that the Russian financial institutions remain attractive even amid the complex conditions in the global markets. A well-functioning national banking system is a major element of the country's competitiveness, one of the key conditions for the modernization of the economy through funding and support of investment projects, in particular with the participation of foreign partners. The more detailed information about the Russian Government’s support and development of the domestic financial market, successes and priority tasks in this area will be provided today by my colleagues, as well as the Head of the Federal Service for Financial Markets.

On my part I would like to note that the Russian market and the financial sector are still very attractive to our British partners against the background of the ongoing normalization of bilateral relations between our countries. In pursuance of the negotiations of the leaders of Russia and Great Britain, which took place here during the Summer Olympics, on 29 October London hosted the regular session of the Intergovernmental Russian-British Committee on Trade and Investment chaired by First Deputy Prime Minister of Russia Igor Shuvalov and Minister of State for Business, Innovation and Skills Vince Cable who were accompanied by high level business delegations of the two countries. The Joint Statement issued after the meeting noted the positive dynamics of our economic cooperation in recent years (by the end of 2011, bilateral trade increased by 33% up to 21.2 bn US dollars, the accumulated British investments in Russia on 1 July amounted to 25,7 bn US dollars.), defined priorities for its further expansion, also taking into account Russia's accession to the WTO, identified new areas of cooperation.

In this regard I would like to highlight a number of agreements, which, in my opinion, could be of interest to the Russian banks, working on export and investment projects. In particular, the Memorandum of Understanding on Co-operation and Interaction in Risk Assessment between the Russian Agency for Export Credit and Investment Insurance (EXIAR) and UK Export Finance. Also there is an agreement to work together under the auspices of the Russian Housing Development Foundation. In addition, there are additional opportunities for business projects with Britain in the context of partnership with the Russian Direct Investment Fund, JSC "Russian Railways", State Atomic Energy Corporation "Rosatom", innovation center "Skolkovo", in the field of SME with the support of Vnesheconombank and Russo-British Chamber of Commerce, in modernizing Russian single-industry cities, etc.

In the sphere of financial cooperation I would also note the continued successful co-operation of the Russia-UK Joint Liaison Group on the establishment of an international financial center in Moscow, which was set up last year. Its fourth meeting will be held at the residence of the Lord Mayor of City in December, the agenda includes development of the Russian market of securities and derivatives, financial regulation, financial education and training, public-private partnerships, alternative methods of dispute resolution.

In general, the potential for further expansion of business cooperation with the United Kingdom and British partners is obvious. I am confident that the banking community in our countries will keep playing an important and traditionally active role in promoting bilateral dialogue in the economic field and the development of others areas of relations between our two countries.

I would like to wish all the participants of the Russian Banking Forum further fruitful work, interesting ideas and new successful joint projects!




LATEST EVENTS

12.09.2017 - Ambassador Alexander Yakovenko's remarks at the exhibition opening (“Scythians: Warriors of ancient Siberia” 12 September, British Museum)

Today the British Museum and the State Hermitage of Saint-Petersburg are once again proving their unique world class by bringing a whole new civilization to London. Ancient, and almost mythical, but creative, powerful and very different from what we have all known about antiquity – the Scythians.


14.07.2017 - Letter of Consul General Mr Andrey Pritsepov to the Herald newspaper, published 13.07.2017

I NOTE a rather questionable article by Mark McLaughlin (“Russians lurking near Faslane to eavesdrop on nuclear submarines", The Herald, July 11). Do you really believe that 145 million Russians would elect a leader who would command his nuclear submarines to chase someone's sole and lonely operative U-boat which is firing missiles in the opposite direction or Type 45 destroyers with faulty engines or an aircraft carrier without aircraft on it, all of them being located in Scottish waters?


14.07.2017 - Letter of Consul General Mr Andrey Pritsepov to the Herald newspaper, published 13.07.2017

I NOTE a rather questionable article by Mark McLaughlin (“Russians lurking near Faslane to eavesdrop on nuclear submarines", The Herald, July 11). Do you really believe that 145 million Russians would elect a leader who would command his nuclear submarines to chase someone\'s sole and lonely operative U-boat which is firing missiles in the opposite direction or Type 45 destroyers with faulty engines or an aircraft carrier without aircraft on it, all of them being located in Scottish waters?


03.07.2017 - Ambassador Alexander Yakovenko's remarks at breakfast event: Scythians: Warriors of ancient Siberia (3 July, British Museum)

Ladies and Gentlemen, I’m happy that Scythians: Warriors of ancient Siberia exhibition is gaining momentum. We have all seen the excellent teaser reviews in the papers. They are a good sign, but one always expects world class events from the State Hermitage and the British Museum. The public expectations are high and no doubt they will be met.


15.06.2017 - Ambassador Alexander Yakovenko's speech at the British Library exhibition "Russian Revolution: Hope, Tragedy, Myths"

The exhibition "Hope, Tragedy, Myths" gives an excellent insight into the tragic events of 1917: why the revolution started, how it unfolded and evolved into the civil war. It explores the ideas behind the conflict and gives a comprehensive and accurate image. The exhibition gives a unique opportunity to see original documents related to the key personalities of the Russian history, and not only politicians - the section telling the story of the Russian emigration has valuable documents on Russian literature history.


13.06.2017 - Ambassador Alexander Yakovenko’s speech at Russia’s National Day Reception (13 June 2017, London)

Your Royal Highness, Excellencies, Dear friends, It is a privilege to welcome you all at my Residence on the occasion of Russia’s National Day. Thanks God for fine weather. Hope you will enjoy the time at our place. Ever since my country embarked upon the path of radical change 30 years ago, we have had a difficult, even painful journey. It was the price of profound transformation of a society, aspiring for freedom and justice. We abandoned any ideology as alien to common sense and real needs of real people. We have been seeing those tough decisions bearing fruit.


26.05.2017 - Ambassador Yakovenko’s address at the RBCC Business Forum (25 May, “BMA House”, London)

It is my pleasure to welcome the participants of the annual Business Forum held under the auspices of the Russo-British Chamber of Commerce. Whatever the political situation, the Chamber has always been successful in its mission to strengthen bilateral trade and economic ties (“Russo-British Chamber of Commerce” was registered on the 23rd of October, 1916, in London as a joint-stock company with the aim “to promote trade between the British and Russian Empires”).


19.05.2017 - Ambassador Yakovenko’s remarks at opening of the "Travels in Holy Russia with the Temple Gallery” exhibition

Dear Ladies and gentlemen, Friends, It’s a real honor for me to be here today at the opening of exhibition of photographs: "Travels in Holy Russia with the Temple Gallery”.


11.05.2017 - The Worshipful Mayor of Southwark speech on Victory Day (May 9 2017, Imperial War Museum)

I welcome you all here today at the Soviet War Memorial as we remember those who gave their lives during the Second World War on the 72nd anniversary of the victory of the allied forces in Europe.


09.05.2017 - Ambassador Yakovenko’s remarks at the wreath-laying ceremony at the Soviet War Memorial (London, 9 May 2017)

Today we honour and remember men and women who fought heroically, sacrificing their lives in the fight against fascism. We also honour all those who selflessly toiled at factories to bring the Victory Day nearer. All those who suffered one way or another, went through all the hardships and tragedies of that war



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