Russian Presidential Aide Predicts Demise of Traditional Banking

Russia predicts the demise of traditional banking by 2030

Maxim Oreshkin, a deputy chief of staff in the Russian presidential administration, has forecast the collapse of the banking system in its conventional form, arguing that the sector faces radical transformation.

"Banks as we know them should, in fact, disappear," Oreshkin said at the TALK-2026 forum. "If you look at the U.S. financial system, it consumes 2% of global GDP—that's too high a price for humanity to pay for what is essentially a simple service: managing funds."

He claimed that Russia's financial system is currently the most efficient, as it does not drain as much money from society and the economy as the American or European models do.

Earlier, Elvira Nabiullina, governor of the Central Bank of Russia, stated that the subsidiary banks of online marketplaces could soon be classified as systemically important.

Moscow, Zoya Oskolkova