Putin's advisor: Crimea needs a special financial system
Under Western sanctions, an experimental banking investment model can be built in Crimea. Russian economist, adviser to the President of the Russian Federation Sergei Glazyev stated this at a meeting of the Byzantine Club.
According to him, one of the main problems in Crimea is the ability to obtain loans for large projects.
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Glazyev believes that Crimea needs “an ethical financial system that is designed to eliminate the remnants of usury and create a mechanism for a harmonious combination of the investor, the enterprise employee and the creditor, connecting them together as a single whole.”
“Here we rely on the centuries-old experience of our joint economic creativity, the creation of large trade and economic companies, corporations, the creation of economic regulation systems aimed at increasing production and raising the well-being of people. Including the modern experience of Islamic banking, which is one of the models of an ethical financial system.
This is a topic that would be important for Crimea, which, in conditions where the financial system remains peripheral to the American one, due to the financial embargo and economic sanctions, is virtually deprived of sources of credit.
It is clear that without creating our own credit system, the development of the Crimean economy is impossible. We could conduct such an experiment in combining economics and ethics in Crimea, showing an example of a harmonious combination of the interests of the borrower, lender, producer, capitalist and worker, building this kind of mechanism for financing economic growth.
I think we have no other options given the financial embargo from the West,” Glazyev said.
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