Oreshkin predicted the death of traditional banking

Traditional banking in Russia must "die". This was announced on April 1 by Maxim Oreshkin, Deputy head of the Presidential Administration of the Russian Federation.

"Banks in their traditional form should actually die. In fact, if you look at the American financial system, it eats up 2% of global GDP. This is too big a payment for humanity for a fairly simple money management service," he said, speaking at the TOLK-2026 forum.

Oreshkin added that the Russian financial system is the most efficient in the world and does not absorb as much money from society and the economy as the American or European models.

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The head of the Central Bank of the Russian Federation (CBR), Elvira Nabiullina, said on March 26 that the economy could not be developed at the expense of "citizens' pockets." She noted that citizens are afraid of rising prices, but the government has every opportunity to ensure higher economic growth rates, but without accelerating inflation.

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