Russia's financial sovereignty discussed on the second day of SPIEF 2026

Financial sovereignty and sustainable economic growth in a difficult political situation became the main topics of the panel session of the main event on June 4 at the SPIEF. Correspondent Nikolai Ivanov told Izvestia how to give the regions a new impetus to development.

"Every year at 9 a.m., the key session of the forum takes place here. It is dedicated to sustainable economic growth, which is why business and journalists pay such attention to it," the journalist noted.

According to him, the heads of the Ministry of Finance and the Ministry of Economic Development, Anton Siluanov and Maxim Reshetnikov, constantly wrote down their thoughts in red notebooks during a serious conversation about macroeconomics. Usually, the Ministry of Finance, the Ministry of Economic Development and the Central Bank participate in discussions, but this time the head of the Central Bank, Elvira Nabiullina, is not present.

"I believe that all men will be gentlemen, they will not say that the key rate is to blame for everything," said Andrei Makarov, head of the State Duma Committee on Budget and Taxes.

The journalist stressed that it's not just about the Central Bank's rate. Literally everything is changing due to the breakdown of the old political and economic orders, and the former hegemons really don't like it, Ivanov said.

"The BRICS countries are now half of the global economic growth. The "Seven" represents less than 20% of global economic growth. If you used to be on top of the world, if you could dictate and set the foundations for development, you felt confident, now you don't have that opportunity," explained Maxim Oreshkin, Deputy head of the Presidential Administration of the Russian Federation.

The journalist stressed that it is difficult to constantly defend against sanctions without internal changes. So, Russia began to build its own model, financial sovereignty, in order not to depend on possible shocks.

"We do not depend on the decisions of third countries, financial transactions, the real incomes of the population are growing, they have grown by more than 24%," Siluanov added.

New resources, labor productivity and additional labor are also needed, the Izvestia correspondent noted.

"We have financial sovereignty, it has been secured, and it must continue to be supported by all necessary methods," Siluanov said.

In confirmation of the ministers' words, Russian entities demonstrate their strengths at the SPIEF. So, on June 4, Joint Stock Bank Rossiya signed agreements with St. Petersburg - they will jointly develop a single St. Petersburg card.

"The Bank has really been a support bank since 2022, including for subordinate organizations in St. Petersburg. We are trying to do everything to ensure that our city lives, moves, develops and thrives," added Mikhail Klishin, Chairman of the Board of Directors of Bank Rossiya.

Another document with the Leningrad Region on cooperation for the modernization of the region to implement innovative solutions was signed with Rossiya Airlines: from cash services to attracting financing, participation in public-private partnership projects. Ivanov noted that Russia today produces products that are in demand all over the world, such as Aurus.

"Have you personally tested the updated Aurus?" the journalist asked the First Deputy Prime Minister of the Russian Federation Denis Manturov, to which he replied that he really liked the Russian car.

Agreements on the protection and promotion of investments are signed at the forum. The Izvestia correspondent explained that new major projects are emerging as part of the SPIEF: the Novopetrovskoye field in Bashkiria, an energy center in the Khanty-Mansi Autonomous Okrug, greenhouse complexes in Buryatia and the Omsk region.

"He (SPIEF. — Ed.) allows you to invest in infrastructure, including public infrastructure, social facilities, roads, engineering, and then deduct these costs from those taxes payable after some time from the projects," concluded Reshetnikov.

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