Mikhail Mishustin holds strategic session on development of financial instruments

Mikhail Mishustin: "There is an entire range of support measures for businesses available in Russia. Thanks to these measures, investments into the Russian economy grew by almost 10 percent over the last year. We are launching new instruments for private investors as well."

Mikhail Mishustin's opening remarks:

Good afternoon, colleagues,

As per the President's instruction, the Bank of Russia and the Government are strengthening the country's financial sovereignty and developing instruments necessary for this purpose. We are not only focused on improving the mechanism of attracting capital into the economy but also on solving systemwide strategic tasks.

These tasks include replenishing long-term domestic resources which are needed to fund promising Russian projects, including in high technology. We also need to work on improving our citizens' well-being so that they could have additional opportunities to earn income from their savings.

There is a whole range of support measures for businesses available in Russia. Thanks to these measures, investments into the Russian economy grew by almost 10 percent over the last year. These measures include agreements on protecting and encouraging capital investments, special-purpose investment contracts, and budget loans for infrastructure development. We offer special terms to residents of industrial and technology parks. A broad range of tools is also available to small- and medium-sized businesses.

Last year, we substantially modernised the institution of public-private partnership. We implemented a regional investment standard. This work is to be completed in the new constituent entities of Russia before the end of this year.

In cooperation with the Bank of Russia and the Moscow Exchange, we are supporting companies that attract capital through public offerings. There is a mechanism for eurobond holders that provides for issuing substitute securities.

Certainly, all these measures do not exclude direct help from the federal budget. Legal entities, state-funded and autonomous institutions can rely on subsidies; and the regions can rely on inter-budgetary transfers. We have allocated over 8 trillion roubles for this purpose in 2024 alone.

We are launching new instruments for private investors. Many Russian citizens can earn passive income from bank deposits, by purchasing bonds, shares, units or stocks, actually, channeling their funds into the economy and thus contributing to the country's further progress.

Starting this year, it is now possible to simultaneously open three individual investment accounts of the third type, which replaced the previous two. Now, restrictions on the amount of investments have been removed and tax deductions have become more extensive which allows people to save significant amounts.

A long-term savings programme was launched in January. It is another new instrument that helps our citizens to invest their own funds and the investment part of their future pension. They will receive extra income and the economy will have another major source of long-term assets. As of the end of the first quarter, around 280,000 people have become beneficiaries of this measure.

Colleagues,

Obviously, we need to continue this work, to develop new attractive instruments for individuals and businesses alike, strengthen investment activity, attract capital to the Russian jurisdiction and promote joint projects with companies from friendly countries.

We have representatives of the business community along with top managers of state-run corporations. We will discuss with them what mechanisms we need to further develop this segment of the Russian financial market.

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