Published on: 2026-05-14
Source: Government of the Russian Federation –
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Deputy Prime Minister Alexey Overchuk participated in the event of the 11th annual meeting of the Supervisory Board of the New Development Bank, held on May 14–15 in Moscow, and spoke at the flagship seminar of the NDB Supervisory Board “Financing Development in the Era of Technological Revolution.”
In his speech, Alexey Overchuk emphasized the key factor determining development in the modern world. “2-3 years ago, we heard opinions that deglobalization is something temporary, that everything will return to normal, it will be as before and the world will become global again, but today it is clear: globalization is over. We must acknowledge this fact and accept it. And the NBF should look at how participating countries should respond to these changes and how the bank itself can support this process,” he noted.
According to the Deputy Prime Minister, deglobalization manifests itself in the disruption of traditional supply chains, regionalization of markets, and price differences, primarily in energy carriers. “Affordable energy is a key factor of economic competitiveness,” emphasized Alexey Overchuk, noting Russia’s role as a reliable supplier of energy to neighboring states, including countries of the Eurasian Economic Union.
Speaking about the growing role of artificial intelligence as a major energy consumer, the deputy prime minister called for the development of sustainable sources, pointing out that despite the entire positive environmental effect of using alternative sources such as solar and wind energy, a more reliable energy source is needed for the operation of data centers – nuclear energy, emphasizing that among the states – members of the NBL, there are countries possessing these technologies and capable of providing it to other participants. “This is extremely important, since energy consumption will grow.”It will increase due to the growing role of AI in our societies. This is a technological driver that affects technology, people’s everyday lives, government policy. It is very important at the country level to provide answers to these challenges. At the same time, it should be understood that solving these problems alone at the level of an individual state is extremely difficult.
Emphasizing the advantages of BRIKS as a platform for an equal dialogue, Alexey Overchuk noted: “We all value independence and make decisions based on respect and consensus, regardless of the size of the economy.” In the context of the financial sovereignty of countries, the vice prime minister cited the Russian experience of creating alternative financial systems. “When Visa and Mastercard left, our system was already ready and seamlessly replaced them,” he recalled. “Our trade turnover with the People’s Republic of China is about 240 billion dollars, and 98% of settlements are already conducted in national currencies. With our nearest neighbors — 93–95% in national currencies.”This happened without administrative pressure. Business and market forces have found the right path for trade. Obviously, private business needs to be supported by providing infrastructure that facilitates connectivity within our region and between the BRICS countries. We are talking about financial connectivity and transport-logistics connectivity,” said the vice-premier.
Aleksey Overchuk spoke about Russian investments in the international transport corridor “North – South,” a project in Iran and Central Asia to connect with the global South – “the center of the world economy.” “We realize that the center of the world economy has shifted to the global South and will continue to shift for many reasons. It is extremely important for us to be connected to the global South and to provide the necessary support to link Russia – the northern part of Eurasia – with the global South. This is one of the key priorities of our government, and we believe that the New Development Bank should also focus on this,” he noted.
The Deputy Prime Minister said that Russia is proposing alternative sectoral and rating mechanisms within the BRICS framework to enhance economic resilience. “While conducting transactions and settlements, we realized that we need our own sectoral systems. Russia proposed this within the BRICS framework not as a replacement, but as an alternative to increase the resilience of our economies. Similarly, economic resilience would be higher with the presence of domestic rating agencies,” noted Alexey Overchuk, adding that international rating agencies have left Russia, and the domestic financial sector has found its own ways.As in the case of rating agencies, independent or alternative rating agencies are indispensable for the successful functioning of the economy and cost reduction.
In conclusion, Aleksei Overchuk touched on global challenges such as climate change, water scarcity, and food security. Russia, endowed with resources, is open to exporting food products, fertilizers, especially to the neighboring Central Asian region.
“We see problems with climate change, especially in Central Asia. The Bank must be open to projects for more efficient water use in the region with its deficit. This is critically important for the well-being of the people,” noted the Vice Premier.
One more aspect that the bank should focus on is the development of expertise, analysis of global trends and their impact on the participant countries, as well as providing feedback to the bank’s management and employees. Aleksey Overchuk called on the NBR to develop analytics and support relevant projects. He recommended that the managing vice-premier be more decisive when developing a new strategy for the bank’s development, emphasizing that bold decisions must be based on competent opinions.
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