Mikhail Yakunin at YIEF compares sanctions with vaccination

Mikhail Yakunin, Chairperson of the Board of Directors of RNCB Bank, at the plenary session I-We-Multipolar World. New Economic Realities of the VI Yalta International Economic Forum recalled the Chinese wisdom hidden in two characters denoting crisis - danger and opportunity.

In his speech he focused on opportunities. As an example, the top manager cited the bank, which from the very first days of work in Crimea fell under all sorts of restrictions.

- The sanctions actually happened as a kind of inoculation, thanks to which we have developed antibodies until 2022, and we are already spreading them throughout the banking sector, sharing our experience of working in such conditions, - said Yakunin.

The speaker called the secondary sanctions a redistribution of the market and reminded that during the Soviet Union there were also many restrictions, but Americans freely traded with Russia.

Speaking about the difficulties, Yakunin noted that they are primarily related to settlements.

- But it is impossible to stop settlements by sanctions, because it is like a certain stream: if you block it in one place, it will appear in another, - Yakunin said.

Separately, the representative of the banking sector outlined the situation with the rise in the cost of settlements. Depending on the conditions, it may rise from three to ten percent. As an alternative, he suggested selling goods at a certain discount and earning very well on it.

The speaker recognized that in order for settlements to work well and qualitatively in Russia, it is necessary to change the legislation.

- The easiest way and method is to use the Russian ruble for payments. And this is already happening, because the ruble is one of the strongest currencies in the world. It is backed by huge reserves of oil, gas, gold, grain and metal. If we make a kind of basket for these basic materials that are behind each ruble, I think it will be widely used all over the world, - said Mikhail Yakunin.

FYI:
The Yalta International Economic Forum is an international business event in the field of economy. It's been held since 2015 in Crimea. The YIEF is the fourth biggest economic forum in Russia. The first forum was held nine years ago and attended by over 600 people from 13 countries such as Russia, Italy, Slovenia, Türkiye, Hong Kong, Japan, the Czech Republic, Switzerland, Greece, Kazakhstan, Israel, India and Serbia. In the later years, the event was thriving facing the relevant challenges. The YIEF 2019 was participated by over 4,500 people from around 89 countries. The event yielded in over 102 agreements totally worth 215 billion rubles and establishing 1700 jobs.

This year, the Yalta International Economic Forum will find its venue in the capital city of the Republic of Bashkortostan. Ufa plays a significant economic role in Russia thanks to its favorable layout, economic potential, cultural diversity and active engagement in local and international processes.

Representatives of 35 countries participate in the YIEF in a face-to-face format. The total number of participating states exceeds 90. The online format is attended by representatives of 81 countries, including the states of Latin America and the Caribbean.

Yalta International Economic Forum is held within the framework of the International Business Week 2024.
The event is recognized by Maria Zakharova, Representative of the Ministry of Foreign Affairs of Russia, as a top-5 largest forums in Russia. This event strengthens the role of the region as a venue of business communication and cooperation. The Republic of Bashkortostan proves to be an expert ground for a meaningful dialog and cooperation, strengthening its position on the map of international business activity.

Please, feel encouraged to learn more about the business and entertainment programs of the VI Yalta International Economic Forum at the official web-page: https://yalta-forum.com