VTB prepared proposals for expanding the use of the ruble in international settlements. This was stated by the president of the bank Andrei Kostin at a meeting with President Vladimir Putin. "Our specialists have prepared a whole project of proposals aimed at further expanding the use of the ruble in international settlements in order to develop the Russian market for the placement of Eurobonds, shares and the creation of other derivative instruments that are currently used only in the West," Kostin said (the transcript of the meeting was published on the Kremlin's website).
Kostin asked Putin to support the policy of further de-dollarization and de-orphanization of the Russian economy, and instruct the government and the Central Bank to consider VTB's proposals. What exactly they are, in the open part of the meeting Kostin did not tell.
Russia needs to develop its own financial instruments, Kostin said: this will help protect Russia's financial sector from external factors and give a new impetus to the development of the market. Kostin noted that the population this year became less interested in dollar deposits and loans in comparison with the ruble ones. According to the banker, this is an important element for continuing the de-dollarization of the financial sector.
Kostin not for the first time calls for the expansion of the ruble. For example, in June 2018, at the International Financial Congress, Costin spoke of the need for a global dedollarization of the economy. According to the president of VTB, "the dollar has already scored all" and it must be fought with it on a global scale. "Every grandmother counts the course from the morning and thinks about which currency to invest in." Everyone does forex, "he pointed out. To combat offshore, Kostin called for "re-registering" the Russian economy. "All our enterprises, including the largest ones, are located in such jurisdictions that even I, as a member of the Geographical Society, can not find them anyway," the banker was indignant.
The central bank seeks to reduce the share of the dollar in the Russian financial system. Chairman of the Central Bank Elvira Nabiullina talked about the need to reduce the share of dollar liabilities and bank assets compared with the ruble. Banks, among other things, must issue loans mainly in national currency, Nabiullina noted. The government, in turn, seeks to create conditions for the return of assets to Russian jurisdiction and conduct amnesty for capital.
Since 2015, the population has consistently kept more than $ 90 billion in dollar deposits with banks. However, in the spring of 2018 this indicator began to decline. For example, in May the population kept on deposits $ 87 billion in comparison with $ 92,8 billion in December, 2017, the main economist of "Alpha bank" Natalia Orlova cites data.