Russia declares traditional banking obsolete—what comes next?
A senior Russian official has predicted the end of traditional banking, calling the current model outdated. Maxim Oreshkin, an aide to President Vladimir Putin, argued that banks in their present form should vanish. His comments came alongside claims that Russia's financial system now leads the world in efficiency.
Separately, Central Bank Governor Elvira Nabiullina suggested that subsidiary banks linked to online marketplaces may soon be classified as systemically important.
Oreshkin criticised the U.S. financial sector for consuming an excessive share of global GDP. He described fund management as a simple service that should not require such high costs. Instead, he insisted that Russia's system now outperforms others in terms of efficiency.
His remarks extended to the broader banking industry. Traditional banks, he claimed, no longer fit the needs of modern economies. The solution, he implied, lies in restructuring how financial services operate. Meanwhile, Nabiullina's statement pointed to a potential shift in regulatory focus. If banks tied to online marketplaces gain systemic status, they could face stricter oversight. This move would reflect the growing influence of digital platforms in finance.
Oreshkin's prediction suggests a push toward overhauling Russia's financial infrastructure. His efficiency claims contrast sharply with his criticism of Western models. Nabiullina's warning about marketplace-linked banks adds another layer to the debate over how financial systems should evolve.
No further details have been released on how the proposed changes would work in practice.
