Russian Federation

Maxim Oreshkin accepts invitation to become Minister of Economic Development


President Vladimir Putin has offered the post of Minister of Economic Development to Maxim Oreshkin who has accepted. He replaces Alexey Ulyukaev who was arrested following allegations that he had taken a $2 million bribe involving the state owned oil company Rosneft.

Maxim Oreshkin (34) has a Masters in Economics from the Higher School of Economics and started his career in 2002 at the Central Bank of the Russian Federation, where he was Head of macroeconomic and banking system analysis. He moved to Société Générale in 2006 as Head of Research and then Crédit Agricole CIB in 2012 as Chief Economist for Russia, Turkey, and the CEE. In 2013 he became Head of the long-term strategic planning department at the Ministry of Finance before becoming Deputy Minister of Finance in 2015.

The rather quirky formal announcement of his appointment as published on the presidential website is as follows:

“Meeting with Maxim Oreshkin

November 30, 2016

President of Russia Vladimir Putin: Mr Oreshkin, how long have you been working as Deputy Finance Minister now?

Maxim Oreshkin: Practically two years.

Vladimir Putin: Two years. Before this, you were…

Maxim Oreshkin: Department Director at the Finance Ministry, and before that, I was in banking, at VTB and the international bank.

Vladimir Putin: You are an economist by training.

Maxim Oreshkin: Yes.

Vladimir Putin: Mr Oreshkin, you have not been working for very long, but it is already quite a while, and your work has produced results. I would like to offer you the post of Economic Development Minister.

Maxim Oreshkin: I accept.

Vladimir Putin: Good.

In your view, what is the biggest priority in the ministry you are to head?

Maxim Oreshkin: Looking at the Russian economy today, I think the situation could be summed up as follows: the worst is behind us now, but growth rates are still insufficient. Our biggest task for the coming year therefore is to prepare the key measures that will remove structural barriers to our economy’s growth and enable us to move forward.

Vladimir Putin: How should we do this?

Maxim Oreshkin: There are many limiting factors. We will start the work and set out a detailed plan.

Vladimir Putin: Mr Oreshkin, you are quite young, but you already have experience. You are a competent and mature professional. I wish you luck.

Maxim Oreshkin: Thank you.”

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