International College of Economics and Finance

The Financial Market in a New Environment: A Lecture by the Deputy Governor of the Bank of Russia

The Financial Market in a New Environment: A Lecture by the Deputy Governor of the Bank of Russia

© Mikhail Dmitriev / HSE University

Philipp Gabunia, Deputy Governor of the Bank of Russia, has recently met with students of HSE University. His lecture opened a series of meetings with leading practicing economists on the development of Russia's economy in the current environment.

Mr Gabunia spoke about the challenges facing Russia’s economy and financial market. These include sanctions, the withdrawal of international payment systems from the Russian market, the blocking of investors’ foreign assets, the need for structural transformation of the economy, and the establishment of new international relations and a system of cross-border settlements.

As the Deputy Governor of the Bank of Russia noted, the government and the regulator took timely anti-crisis measures that helped stabilise the economic situation in 2022. According to Mr Gabunia, Russia is currently facing new challenges. One of the key challenges is the need to increase the contribution of the financial market to transforming the economy. It is also necessary to restore retail investor confidence in the stock market, improve the accessibility of financial services, and continue the digitalisation of financial services. ‘The advantage of the Russian financial system is that it is very technological and is leading the global market in terms of digital infrastructure,’ says Mr Gabunia. ‘It is now important not only to maintain this position, but also to actively introduce advanced developments in order to maintain the high level of performance of domestic financial institutions.’

There was a Q&A session at the end of the meeting. Students asked the guest speaker about the industries most affected by sanctions, the regulation of digital currencies, possible asset unlocking mechanisms, and many other questions related to financial market development.

Alexander Shokhin, moderator of the event, noted that HSE ICEF students dived quite deep into the economic agenda and asked the guest speaker some very important questions. ‘You have a good understanding of financial market problems, which means that after graduation, you will be able to feel confident in the financial market and the banking system,’ Mr Shokhin stressed.

This was the first time Mr Gabunia had visited the new HSE University Pokrovka campus. He said he was happy to see the comfortable conditions created for the students there. ‘The Bank of Russia has been cooperating with HSE University for a long time,’ he said. ‘Our experts give lectures to students, and we are glad that many of you land internships with our Bank. Some HSE University graduates join the Bank of Russia and are able to share their ideas and help us look at problems with fresh eyes.’

HSE students will have an opportunity to meet other heads of the Bank of Russia in the future. Follow the announcements on the ICEF website to stay up to date.

Philipp Gabunia graduated from HSE University in 2003. After working at the Ministry of Economic Development, he then joined the Bank of Russia, where he has held various positions since 2013. He was appointed Deputy Governor of the Bank of Russia in 2022.