Russian President Vladimir Putin urges the government and the Central Bank to reduce dependence of the national monetary system on fluctuations on the global market, counter illegal capital outflows overseas and improve mechanisms of combating cyberattacks against the financial infrastructure.

“Measures should be undertaken aimed at preventing illegal withdrawal of funds abroad and improving mechanisms of opposing cyberattacks against our financial infrastructure,” the head of state said at the Security Council’s meeting on Wednesday.

“Mitigation of national monetary system’s dependence on fluctuating situation on international financial and commodity markets” is also required, Putin said.

The task is also set to create favorable conditions for doing business in Russia, the Russian President said.

“Activities should continue to develop favorable investment climate and business climate,” the head of state said. “The situation should be such that Russia’s largest companies have no need to go to foreign jurisdictions,” he said. “There is often no room to criticize them – they are going to points where they feel greater safety and greater control of all instruments used in organization and support of economic activity. We should achieve the same; all conditions exist in our country to do so,” the President added.

On economic risks to Russia’s security

Putin has urged to respond to economic risks to Russia’s security proactively, to increase potential and rely on it. “We must take into account negative trends, proactively respond to risks and threats. Our main fundamental response is to increase our own economic potential,” he said at the meeting of the Security Council of Russia.

“Not closing ourselves from the global economy, but improving efficiency – this will give us the resources for development, for addressing social issues, ensuring national interests and the country’s security,” Putin said.

“New centers of global economic growth are developing, every year competition for technology and capital markets rises. Constraints, pressure, sanctions are often used for political purposes, and under the guise of political objectives, in competition,” Putin said.