Businessman Deripaska proposed a new pension reform in Russia
Russian billionaire, Rusal shareholder Oleg Deripaska in an interview with Expert proposed carry out a new pension reform in the country.
According to him, large state-owned companies in Russia should be restructured, since today “five or six companies instead of one large state-owned company is much better,” and the Pension Fund of Russia should become the owner of one such company.
There must be professional management of these papers to generate income, so that we do not drive income into the budget, then the budget makes a subsidy to this Pension Fund, a transfer, and we pay. And to those who are under 45, or to such active guys like me, to say: earn money yourself, and here is a funded system and scheme for you
New financial system
Deripaska also suggested creating a new financial system in the country and resolving the problem of access to debt and capital for all companies in a new way.
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In his opinion, the system of state banks needs to be reformed. He urged to find out for what purpose they function: to extract rent or to ensure the growth of the economy and incomes of the country’s citizens. “The third question is that access to technologies and equipment is also closed. And there is a critical nomenclature of imports,” the businessman noted.
Deripaska stressed that Russia should abandon the system of state capitalism. In his opinion, in this way the country will be able to do “without serious social upheavals.”
What should be done? We need to return to the model that we have tested, and it has already been born. Now multilateral, apparently, all schemes like the WTO are closed. We need to establish bilateral ties, we need to enter new markets
Reduction of the state apparatus and law enforcement agencies
The businessman believes that Russia needs to abandon state capitalism and significantly reduce the state apparatus and law enforcement agencies.
The Russian entrepreneur announced the need to “cut all the luxury of the state bourgeoisie” in the country.
Why is he [госаппарат]? Just take it in half and cut. Abandon all personal cars, leave 100 personal cars in the country and, as they say, start all over again. It is necessary to cut this incomprehensible force-law enforcement component three to five times. Leave the army and navy, since this is the only stronghold
Amnesty for corrupt officials
The billionaire also, in an interview with the publication, proposed an amnesty for corrupt officials.
In his opinion, entrepreneurs who were convicted under Article 159 (“Theft of another’s property by deceit or breach of trust”) and Article 160 (“Embezzlement or embezzlement”) of the Russian Criminal Code should be released from prison. He noted that the amnestied entrepreneurs will be able to create new jobs.
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Deripaska also proposed at the level of the Constitution to exempt Russian entrepreneurs “from everything”, as well as to reduce transaction costs, value added tax and get away from import restrictions on equipment in order to attract foreign investors to the country.
Russia’s approach to import substitution
Rusal’s shareholder assessed Russia’s approach to import substitution earlier in April. According to him, at present, local entrepreneurs “have nowhere to run”: “Everyone ran away.”
I think that there are successful companies, there are successful entrepreneurs, you can’t invent some kind of head of import substitution <...>. Well, there are companies that are ready to do this, it is necessary to make a decision on a competitive, non-competitive basis, to provide them with the opportunity to receive normal project financing.
In addition, Deripaska urged not to provide state support to large banks, focusing it on smaller market participants.
Forecasts
Oleg Deripaska during the plenary session of the Krasnoyarsk Economic Forum said that the crisis in the Russian economy due to the conflict in Ukraine and new sanctions could last about three years.
The crisis is at least three years. The most severe – multiply the crisis of 1998 by three
However, in his opinion, a way out of the situation will be found. The businessman also urged to support the population of Russia, which, as he noted, is not to blame for anything.
The billionaire added that US sanctions should motivate the Russian authorities to follow the path of China and introduce a digital currency in the country. According to him, Washington will have to be more careful with sanctions, since such measures will create incentives for switching to the Chinese digital yuan.
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