The government has prepared a package of measures to ensure the "financial sovereignty" of Russia

First Deputy Prime Minister Andrei Belousov announced five formulated areas of work to achieve the "financial sovereignty" of the country. The authorities intend to attract funds from Russians as long-term financing. At the moment, the level of gross savings is 30% of GDP with gross savings of about 22%", - Kommersant notes.

"This resource of underutilized savings is the potential to increase the capitalization of the stock market", - Belousov said.

The government has set a goal to increase the share of investment insurance and pension products in citizens' savings from 21% in 2022 to 26% in 2025 and 36% in 2030.

"A new type of individual investment accounts for individuals with the use of tax deduction and exemption of income from such investments from personal income tax, the mechanism of shared life insurance and long-term savings programs of citizens through their voluntary contributions and co-financing from the state, which, as specified by the head of the Ministry of Finance Anton Siluanov, will amount to 36 thousand rubles per year during the first three years", - Kommersant listed.

In the corporate sector, work will be carried out in two main directions. The first is to restore confidence in the market, the second is to expand the set of tools for investment. Thus, the goal is to increase the capitalization of the stock market from 22% of GDP in the previous year to 26% in 2025 and to 32% in 2030. The plan discusses the partial resumption of disclosure of corporate information by issuers of securities, which was previously suspended until mid-2023 due to fears of sanctions against companies. According to Belousov, the issue should be approached "very carefully" so as not to "harm companies", but to give investors enough information to make decisions.

The meeting announced the expansion of the functionality of securities, the introduction of convertible preferred shares, which can become voting under certain conditions. The government has also taken care to support the securities of high-tech companies. In particular, it is promised to reduce the base for calculating income tax due to the expense of placing securities with an increased coefficient.

Another announced step is the digitalization of financial transactions and the establishment of relations with foreign investors, who can be granted relief.

"The directions of development of the financial system announced by the White House should be harmonized with the actions of the "mega—regulator" in the financial market — the Bank of Russia," Kommersant emphasizes.