On March, 9 the Second meeting of the Financial and Investment Committee of RCBC was held. 

Participants of the meeting were the following companies partners and members of RCBC: VTB Bank, Sberbank, Rosselhozbank, CG “Mangazeya”, VEB.RF, JSCB “Novikombank”, CG “Avestra”, PJSC “Acron”, LLC “IPI-LAB”, LLC “OKTEN”, LLC “PharmEco”, JSCB “Solidarnost”.

Officials from the Ministry of Economic Development of Russia, the Ministry of Industry and Trade of Russia and the Chamber of Trade and Industry of Russia also participated in the meeting.

The Committee’s agenda was devoted to the cooperation of the Business Council with Chinese financial institutions while being under economic sanctions pressure of unfriendly countries.

Participants have discussed practical issues on transactions with Chinese partners, suppliers and clients that members of RCBC have dealt with.

Director on external ties of CG “Mangazeya” Vladimir Polyakov has talked about the Chinese payment system CIPS, the importance of integration of CIPS and the Russian System for Transfer of Financial Messages for the Russian companies, also he noted the increase of transactions between Russia and China in their national currencies.

Participants of the Committee stressed the importance of the highest level political support in developing cooperation with the Chinese financial institutions.

“In the current situations our financial system needs to be supported.  The Government of Russia should deliver direct messages in order to move forward in this difficult time,” said Andrey Onikienko, Leading manager at JSCB “Novikombank”.

Committee participants discussed possible ways and measures that the Business Council may use to support Russian business. 

“Russian-Chinese Business Council is eager to enhance support for the companies members of RCBC. We are applying all resources and instruments we possess in order to mitigate the consequences of the sanctions from the West. We are searching and finding together with our Chinese partners the ways to support Russian business. For example, we substitute Western products and technology by domestic products and their analogues from China. We are working closely with the Chinese financial institutions, ministries and agencies in Beijing, we are using all opportunities for solving the acute issues in Chinese direction,” said Executive Director of RCBC Evgeny Markin.