organisations, too. every effort should be made to lower the cost of such everyday financial services for consumers and businesses, while profit margins in the financial sector are second priority. access to the market for such services will be open to non - financial organisations, provided that they meet regulatory requirements. tests of the know - your - customer platform are scheduled for december, which will help banks save resources and costs on client screening to comply with anti - laundering legislation. in our opinion, the platform is a key tool for improving services to small businesses, which banks often shun because of the complexity and high cost of those procedures. the law on that 4 / 5 bis central bankers'speeches platform was also introduced by senators, and we are very grateful to you for championing the initiative. the digital ruble, a pilot project, is due to start early next year. we have discussed the digital ruble model with the market through a consultation paper ; the federation council has also held a meeting dedicated to this launch. we view the introduction of the digital ruble as a further step towards reducing business costs and making simple financial transactions more user - friendly. the final subject i would like to raise today deserves separate consideration, but has moved up our agenda. this is esg, the implementation of sustainable development principles. it is a new objective for our financial market and the wider domestic economy. the reason why i am drawing your attention to this subject is as follows. indeed, climate risks are making an increasingly strong impact on the economy, through the direct consequences of climate change ( causing more natural disasters ), through more stringent regulation across the globe, and via changes in the energy mix. with plentiful energy resources available, energy costs were barely a factor in our national economic policy throughout the 20th century. we must realise that energy transition is likely to be a challenge for us. furthermore, the nature of our economy is defined by a large number of so - called brown companies. we should keep pace with the trends, considering that corporate environmental performance is set to become a key factor driving investor and creditor decisions, as if we fail to address this problem in due time, we risk losing our competitive advantages and could be consigned to a global economic backwater. this is not the status our nation deserves. energy transition is a great challenge for the economy. given the need to find financial resources for this transition, the role of the financial sector is clear. financial institutions are meant to act as financial agents

supporting green, and most importantly, transformation projects. this is a multifaceted issue to resolve to make progress. first, we need to develop approaches to analyse climate and transition risks and procedures for financial institutions to take them into account. second, non - financial companies should disclose reliable information regarding esg risks. such disclosures are needed for banks, investors or rating agencies to have reliable information, which is essentially a prerequisite for sustained investment. third, we need a mature market for green instruments. we need standards for their placement, and we must strike a balance between climate ( esg ) risks and standard financial risks. it would be unthinkable for funding to go to a financially unstable company based on the green status it claims. by the same token, a brown company that boasts strong financial performance today should realise that it could only land funding on the best terms tomorrow if it works to enhance its sustainability record. there are plans to publish a report by the end of this year on how climate risks should be considered by financial institutions, and the bank of russia ’ s approaches to their regulation. the regulation will need to be aligned with that fundamental transition. thereafter, in the middle of next year, market participants are due to receive our recommendations as to how they should move ahead. i have to admit that there are many more items on the priority list beyond the issues i have highlighted. yet, the latter issues are of first - order priority, and we should not miss the right moment to introduce appropriate regulation. this is where we count on senators ’ support. we have received many questions and responded to them in writing, and i am now are ready to answer your questions, too. 5 / 5 bis central bankers'speeches