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Vladimir Putin spoke at WTC Moscow at VTB Capital “Russia Calling!” 2020 Forum

29 Oct 2020

The President of Russia Vladimir Putin addressed the audience at the plenary session of the XII VTB Capital “Russia Calling!” Investment Forum via video connection.

XII Investment Forum VTB Capital “Russia Calling!” takes place at World Trade Center Moscow in a hybrid format. The session was moderated by Mr. Andrei Kostin, President and Chairman of the VTB Board.

“Industrialized countries and emerging economies are facing a global recession, and all countries of the world have proposed a set support measures. For Russia, the main theme in the support measures, the main strategic direction was to support the citizens, protect their income and save jobs, stimulate new contracts in the production chain”, the President of Russia informed the Forum.

Total federal allocations approved for support measures amounted to 4.5 % of the GDP. 

“Although higher levels of support have also been implemented in a number of countries, all decisions in the Russian Federation have been taken in a timely manner and have proven to be effective, which has made it possible to seriously mitigate the consequences of the epidemic in the national economy, so that its economic decline has been lower than in many other countries”.

Risks persist today, and there are problems and Russian regions that require immediate attention. The President of Russia stressed that the introduction of all-out restrictive quarantine measures is not planned today, but called on citizens and businesses to be more responsible, and comply with all necessary safety measures and medical recommendations.

The Government is focusing on support for small and medium-sized businesses, for which contribution rates have been halved from 30% to 15%, and this is a permanent decision. For companies from the most affected sectors of the economy, insurance and tax payments have been granted.

Not all industries were able to recover their positions objectively (for example, restaurants and other service sectors), and Vladimir Putin proposed extending the deferral of tax and insurance payments for these companies for another three months. It was also decided to extend the moratorium on scheduled inspections of small businesses until the end of 2021. Reducing the administrative and tax burden on companies that employ millions of citizens will save jobs and incomes.

Vladimir Putin stressed that, despite all the difficulties, Russia has maintained macroeconomic stability, prevented an inflation hike and ensured financial market stability. Consolidation of the efforts of the State and the business sector will make it possible, in the long term, to overcome the decline and bring the national economy back to the growth trajectory. Efforts are under way to further stimulate investment, promote exports and the digital industry as factors that will enable long-term qualitative growth of the economy.

Achieving macroeconomic stability is fundamental for citizens and the economy as a whole. This stability has allowed the Central Bank to lower interest rates and enhance the accessibility of loans, while the Government use it to launch new instruments in the interests of small and medium-sized businesses and Russian families. The easy-term mortgage programs with a 6.5% played a big role here. According to forecasts, the amount of mortgage loans issued this year will be record-high at more than 3.5 trillion rubles. 

It has been decided to extend the easy-term mortgage programme up till July 2021, and considerable funds from the federal budget will be allocated to promote rural mortgages, but the supply side (housing) must also be sufficient. It is planned to develop long-term financing tools to enable companies and institutions to attract further funds.

Vladimir Putin noted an increase in the number of private investors in the market, which is both a result of the interest rates reduction and of increased confidence. Russian assets enjoy demand on the market, and since January 2020, the domestic borrowers have raised $37 billion on public debt markets, and equity market brought in over $6 billion, a record-breaking amount over the past few years.

The President of Russia emphasizes, that stimulating investment activity is a priority for the country both now and in the long term. Reliable and safe mechanisms for investing in new financial instruments are available to both Russian and international investors, and this will be appreciated by each partner aimed at joint work.

An important component of large, significant projects should be investment protection agreements, in which the projects receive the so-called “stabilization clause” that guarantees the stability of tax terms, use of land and construction conditions for investors. Project costs will be compensated through the amount of taxes paid. The volume of projects announced to date exceeds 900 billion rubles.

Vladimir Putin stressed that the national goal for the next 10 years is digital transformation in all spheres of life, which is the most important factor in increasing economic dynamism in the country. Leading Russian companies such as VTB, Sberbank, Yandex are already transforming into ecosystems.

“The accumulated speed and the development of competition in this sphere will give a powerful impetus to our economy and will also help many small and medium-sized companies expand their marketing channels”.

After addressing the participants, Vladimir Putin traditionally answered a number of questions from foreign investors about the most pressing issues of today’s economy and geopolitics, and Russia’s position on the world market. The full broadcast can be viewed by following the link.



The VTB Capital Investment Forum "Russia Calling!" has been held annually since 2009. Every year the event attracts an authoritative audience, including representatives of government agencies, heads of Russian and international companies and investors. The agenda of the forum covers the most pressing issues of the global economy, finance and business sectors. The forum's influence and credibility among the business community has been repeatedly recognized by a number of international awards, including the IPRA Golden World Awards, Extel Survey, Communicate Magazine’s Corporate and Financial Awards.

The purpose of the forum is to attract investments to the Russian economy, to develop dialogue between Russian business and foreign investors. In addition to the main meetings in Moscow, the Forum held retreats in London in 2009, 2011-2013 and 2017, and in New York in 2013.

Since 2010, "Russia Calling!" has been held at World Trade Centre Moscow, with the number of participants reaching 1,000 in 2010. Since 2011 the forum welcomed more than 2,000 guests. In 2018, the 10th forum "Russia Calling!" gathered more than 2,500 guests, including more than 500 delegates from 63 countries. In 2019, more than 2,500 guests attended the event at WTC Moscow, including more than 500 investors and 600 foreign delegates from 68 countries, government officials and heads of major global corporations.