A warning from the "tsar" of Russian banks: new sanctions could hit Italy hard. Italian businesses could face losses of 10 billion euros

Don't overestimate the role of capital flight. It has an influence, of course, but primarily we are talking about speculative capital, repatriation of revenues. In terms of direct investments, in the last years Russians have been major recipients of investments thanks in particular to the work of RDIF. Agriculture, medicine, financial markets, infrastructure: investors understand the environment is friendly.

Veb is in Ukraine through its bank, Prominvestbank. How do you see your future presence in the country?
First of all, we are not the only Russian institution who owns a subsidiary in Ukraine. The role of Russian banks there is huge, both in terms of private accounts than of financing of the local economy. It goes without saying that any incautious attempt to somehow influence the activity of those banks would inevitably have repercussions on the local economy and the financial system. The current president of Ukraine, who has huge experience in the private sector - actually his companies are client of our banks - I think he understands pretty well how important it is to keep the banking system united, not to impose any disturbances, mismanagement, regulative procedures from the National Bank. I didn't see any decree from the government saying: look, you shouldn't work with Russian banks.

Last year in Trieste your RDIF set up together with Fondo strategico italiano of Cassa Depositi e Prestiti a 1 billion investment platform focused on Italy and Russia. How important is it for Veb the relationship with Italy?
I can say they are very close to finalise a deal to finance a particular project in Russia. But of course the interest of Veb and companies owned by ourselves, like the RDIF and other, are broader. We are considering various opportunities to support investment abroad, and primarily what we have in mind is the support to small and medium enterprises, specifically Italian enterprises, who are going not only to sell but to invest in Russia. We have a lot of things to do with CDP.

Among those, this D-20 Initiative organised this year in Rome by Cassa Depositi e Prestiti and the European Investment Bank.
The D-20 was initiated last year by our bank to get together institutions for development of the G-20 countries. The D-20 is a unique possibility of addressing our common problems, challenges, and of course influencing our governments so that they look attentively at what institutions for development are doing, can do, must do. The priorities are infrastructure, long-term financing, small and medium enterprises: a resolution of these issues will allow us to secure sustainable growth and stick to social responsibility, and finance in a broadest scale the green economy.

It is also a link with Russia in a difficult time…
Yes, in this particular moment I think the G-20 and D-20 can play a most substantial role. We can bring a new atmosphere, this is a way to make the political environment better than it is now.
And the G-20 is quite an appropriate platform which unites not only G-7 countries, but others which are part of the global economy. Where Russia - such a big country - has global influence. It will be impossible to isolate it.

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