- Speaking about the anti-Russian sanctions imposed by Britain, let's focus on Russian entrepreneurs who possess considerable assets in the West and are now facing hardships. To put it simply, they're being "nightmarized". For example, Roman Abramovich has faced serious problems. Is this another episode of the soap opera "The Rich Also Cry"? Some of our viewers asked for your advice to them.
President Putin: Well... As for Russian business leaders, I already covered the issue several years ago at an open meeting with our businesspeople. Although, what I said was quite rude, and I'm not going to reproduce it word for word. Well, it was a bit rude, let's put it so. But still, I warned about the possibility of the current developments. And while I was warning them, I also recommended that our businesses first, keep their assets home, in Russia, where they had gained them; invest them in the development of the Russian economy to ensure their safety. Look, when we faced a global economic crisis which affected everybody, including us, from the outside, many of our big companies found themselves in a sticky situation. Having grabbed a lot of loans from Western financial institutions, they fell for the so-called margin calls. That is, their collateral value plummeted, making them either pay back loans under their credit agreements or increase the collateral value. Otherwise, they risked losing those assets. What did we do then? We issued a special law to increase the capital of the Bank for Foreign Economic Activity, assumed their loan liabilities. Despite the fact that many businesspeople were eager to sell their enterprises for a penny, I, then the head of the government, refused it. I promised to help them on certain conditions. Like, we take your loans, and you'll have an opportunity to buy them back. That was the case: when the situation stabilized, they did buy them out, retaining ownership of the enterprises. The government ripped the benefits as well because it took those measures on certain terms. In fact, it went smoothly. But we, the Russian government, did it for the assets and enterprises which we deemed important for serving national interests.
Who would help them abroad? They are only persecuted there. Such conditions are being created there to make it impossible for them to work. It's also a great mistake of those who are doing it in the West. What will all these restrictions, the victimization of our businesses finally result in? Say, what will difficulties with payments in dollars lead to? They erode the confidence of businesses, and not only Russian ones. The world is watching what's going on. The credibility of the economic policies of the countries with the biggest economic clout in the world is being eroded. Today, the dollar is a universal, reserve currency. The euro is trying to take up some of its functions, partly successfully. Yet, nowadays dollar is the only universal currency. However, by limiting payments in dollars, the US government undermines the dollar's credibility. They may get some momentary result, which is unlikely. They may anticipate some minor positive result, in politics, not in the economy. But in the long run, it undermines the credibility of such a policy, which makes the world community think of creating other universal currencies, of switching to domestic currency settlements. I think people who live in glass houses should not throw stones. I'm convinced that it's counterproductive and harmful for those who do it as well as for the global economy as a whole. But I'm sure that it will too pass.
— Let's contact our colleague Natalya Yurieva who's working now in the message processing center…
— By the way, I've put down some messages that were just on the screens on the left and on the right. Some people believe that we should help Mr.Abramovich and other our businesspeople who are in trouble. Others ask, "When will the thieves (then they list the names) bring their assets back to Russia?" I wouldn't like to speak about various offenders, we're speaking about those who acquired their assets legally. Actually, they'd better all be in Russia. It's all the more so as we have twice announced the capital amnesty in cooperation with the entrepreneurs. The system isn't perfect yet, some things are still to be refined. We're ready for it. I hope that so are businesspeople.
