International Cooperation Department
The key task of the International Cooperation Department is to promote the interests of the Russian Federation in the financial sphere. The Department is in charge of the Bank of Russia’s communication with international organisations, foreign governments and central (national) banks, regional integration associations, and other organisations.
The Department ensures international cooperation according to the single-contact principle, and organises the work of the Board on the Bank of Russia International Activity, the Expert Council on Settlements in National Currencies, and the Expert Council on Financial Integration of the EAEU Member States.
The Department communicates with such international organisations as the World Bank, the International Monetary Fund (IMF), the Bank for International Settlements (BIS), the Organization for Economic Cooperation and Development (OECD), the World Trade Organisation (WTO), the Forum of the Asia-Pacific Economic Cooperation (APEC), the Central Banks Governors’ Club of Central Asia, Black Sea Region and Balkan Countries, and others. The BRIСS Forum and the Association of Southeast Asian Nations (ASEAN) are key counterparties of the Bank of Russia in the cooperation with multinational associations.
The Department communicates with leading integration associations in the Eurasian region, including the Eurasian Economic Union (EAEU), the Eurasian Economic Community (EurAsEC), the Union State of Russia and Belarus, the Commonwealth of Independent States (CIS), the Shanghai Cooperation Organization (SCO), and others. The Department supports the formation of the Bank of Russia’s opinion on the issues of integration in the CIS, and is engaged in drafting the regulatory framework of integration associations and in negotiations on integration-related issues.
Within the scope of bilateral cooperation, the Department is engaged in the promotion of settlements in national currencies, the expansion of the international cooperation of Russian financial institutions, and the enhancement of the cooperation between the Bank of Russia and foreign financial regulators. The Department is in charge of the development and improvement of the contractual framework for the Bank of Russia’s communication with foreign central (national) banks, and takes part in the drafting of intergovernmental agreements with foreign partners.
The International Cooperation Department’s representatives are members of intergovernmental commissions (IGCs) determining the direction for the further development of Russia’s cooperation with foreign states. Within a range of IGCs guided by financial regulators, the Bank of Russia has created dedicated working groups and sub-commissions with China, India, Turkey, Vietnam, Uzbekistan, Germany, Thailand, Kazakhstan, and a number of other countries. The Department coordinates their work and monitors the fulfilment of arrangements in finance and banking at the top level.
An important area of the Department’s work is investor relations. The objective of this work is to enhance confidence in the Bank of Russia’s activity and increase its transparency, improve the understanding of the Bank of Russia’s monetary policy, its efforts in banking regulation and supervision, securing financial stability, and other areas. The Department is taking extensive efforts to develop communication with Russian and foreign institutional investors, stock exchange analysts, and economic experts.
Furthermore, the Department is in charge of the organisation of international visits and official events, meetings, seminars and workshops initiated by the Bank of Russia, translates and edits cross-border letters, official documents and other materials within the scope of international cooperation, performs consecutive and simultaneous interpretation at events and negotiations with the participation of the Bank of Russia’s management, and provides visa assistance to foreigners.