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Business Duty Officer

Putin: “I declare an amnesty for business on currency violations, admitted during the period of the moratorium"

Putin: “I declare an amnesty for business on currency violations, admitted during the period of the moratorium"

Ambassador “business officer” в эфире Business.FM commented on the speech of the President of Russia Vladimir Putin at the plenary session of the SPIEF-2023.

For reference. The main statements of Vladimir Putin:

On technological development and wage growth

"Expanding Russia's Economic Opportunities, its potential should be directly linked to improving the well-being of our citizens. This is what economic growth is all about.. And now I want to finish, where did you start. It is important to ensure the outstripping growth of citizens' incomes. The Russian economy should become an economy of high wages with new requirements for the vocational education system, with an increase in labor productivity, including on the basis of automation and new control systems. I know, that many, anyway some people think, that the high cost of labor reduces the country's global competitiveness. Obviously, that such a view was justified, but it is outdated or, you can say, outdated. If we spoke, that the future of any economy, including the Russian economy, in high technologies, then it is impossible to achieve high-quality work in high technologies, using low-skilled labor. What if it's highly skilled work?, then it must be paid. Only there, where work is well paid, professional, qualified personnel, really high quality products will be produced, demand will grow and its structure will change, which means, only there is truly sovereign development possible, technological and economic leadership".

On the return of domestic companies to Russia

Today, quite a lot of domestic assets are registered with foreign companies., their owners - in fact, Russian citizens - want to return to Russian jurisdiction. For them, we launched two special administrative districts in the Primorsky Territory and the Kaliningrad Region, where companies can protect their assets, keep the usual system of corporate governance, as well as take advantage of a number of tax preferences.

I know, that not everyone took advantage of this opportunity, who would like. And the reasons are different., someone simply did not have time or could not get legal and accounting services abroad, however, there are also cases of direct unwillingness on the part of foreign partners to give out all this information, documentation. This is sabotage, no other name. They just don't want to release our assets.

I ask the government, in contact with the business community, to expedite the return of assets in key industries to Russian jurisdiction, including simplifying the procedure for transferring business to Russia and registration in special administrative regions in those cases, when is the move, I'm speaking figuratively, blocked by a foreign party, this must be done before December of this year, and at the same time it is necessary to launch a mechanism for protecting the rights of Russian citizens and legal entities, who own domestic companies, but through foreign so-called layers.

On the state of the Russian economy

The second quarter of last year was the most difficult for our economy, for domestic business, when circumstances change rapidly, usual way of trading, calculations, logistics, when, in fact, all the fabric of the business was redrawn, economic life.

Today, Dear colleagues, Ladies and Gentlemen, Friends, can be confidently said: strategy, then chosen by the state, and business in Russia, worked. Positive macroeconomic trends are gaining momentum and strength.

In April this year, gross domestic product grew by 3,3 percent in annual terms, and at the end of the year it will add more than a percent. So, anyway, considers the IMF 0,7 percent.
But, in my opinion, I agree with those of our experts, who believe, that there will still be more growth: about one and a half, maybe, even under two percent. This will allow our country to maintain its place among the leading economies of the world..

What allowed us to provide such results, which I just mentioned? After all, a year ago moods, including in our business circles, were very, very wary. I, to be honest, few predicted, how events will develop. In such conditions, it was fundamentally important to give the business a foothold, build confidence in policies, emphasize the inviolability of fundamental market institutions, freedom of enterprise and guarantees of protection of property.

That's exactly why, speaking last year at the forum, formulated our value approaches to the development of the economy in the new conditions and for the long term.

On the withdrawal of foreign companies from Russia

“A notable event and a powerful stimulus for our business was the replacement of multinational corporations, who left the Russian market, to zero, but, , is unfortunately, they could not resist the strong political pressure of foreign political elites. you know well, we have never kicked anyone out of our market, from our economy. Actually, offered to weigh the pros and cons, think about your Russian partners and the possible consequences of such a move. Each of our partners had the right to choose. But what is important here. Products under many foreign brands have long been sold, which is completely produced at our facilities, in fact, these are Russian goods, only with foreign logos. So their release with the departure of trademark owners will not stop, only the logo changes. Yes , profit from this business remains in the country. We will work for new Russian owners, help them, ensure the income of employees of the enterprise, as well as subcontractors and contractors. Word, if at first our entrepreneurs were very worried about the departure of Western companies, now they are occupied by vacated production facilities and sites in shopping centers. Some small niche brands, who used to sell clothes, shoes, other goods through social networks, now open their own shops. I already spoke about this at one of the events in Moscow, in one sector of the economy, foreigners left, most of them were released 2 million square meters of retail space and a niche for 2 trillion rubles. Wonderful, almost everything is occupied by our entrepreneurs. Think, I won't reveal the secret, if I say, that in the course of communication with representatives of domestic business circles, there is an increasing request not to let wandering foreign companies back”.

About interaction with other countries

“Despite all the difficulties of the past year, we have not turned to the path of self-isolation. Actually, expanded contacts with reliable, responsible partners in countries and regions, which today act as locomotives, drivers of the global economy. I want to repeat, these are the markets of the future, everyone understands this. With some of these states, whose leaders do not succumb to the often boorish external pressure, and guided not by strangers, but in their national interests, volumes of mutual trade grew not even by tens of percent, and at times and now continue to grow further. This is another proof, what common sense, business energy, objective market laws work stronger, than the current political situation".

On currency amnesty for Russian business and international settlements

“At a recent meeting with representatives of the Delovaya Rossiya public business association, colleagues directly raised the issue of an amnesty in the foreign exchange sector. I will speak frankly, We rarely use this approach., but now, when violation of obligations by Western counterparties has become a common practice, I think it is right to meet business halfway in such an acute issue. I declare an amnesty for businesses on forced currency violations, allowed during the moratorium. Completely close this question, so that later there would be no reason to hold the business liable retroactively. We conducted an accelerated VAT refund on exports, now it's eight days instead of three months. Together with foreign partners, we are preparing new mechanisms for cross-border settlements, including the utmost simplification of opening a bank account in Russia for foreign companies. In this case, you do not even need a personal presence., surely, in compliance with all requirements of anti-money laundering legislation. I would like to note a noticeable progress in the use of national currencies in foreign trade. This is a separate big topic.. Today about 90% Settlements with the countries of the Eurasian Economic Union are made in rubles, more than 80% settlements with China in rubles and yuan. We actively develop trade in national currencies and with other countries. The closest neighbors and the BRICS and SCO countries are in priority”.


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