Orthodox financial system unveiled

Russia’s Orthodox Church has unveiled a new “Orthodox financial system” to counteract Western sanctions, as Patriarch Kirill appealed to citizens not to “dramatise” the current decline of the rouble, writes Jonathan Luxmoore. “We realised we couldn’t stay dependent on the Western financial system, but must develop our own,” explained Dmitri Lubomudrov, an Orthodox legal adviser. “As with the Islamic system, the Orthodox one will be based not just on ­legislation, but on Orthodox morality as well, and will be an invitation to businessmen seeking security at a time of crisis.”

The lawyer was speaking after the New Year launch of the system, which will restrict interest charges, and investment in non-Orthodox sectors such as gambling. He told journalists a similar network in Muslim countries had amassed capital within just four years of £1,300 billion, and said he believed Orthodox participants, with an initial collective investment of 400 million roubles (£4m), would achieve a similar success.

n Poland’s Catholic bishops have endorsed a month-long strike by coalminers and urged local Catholics to show support. “We express friendship and solidarity with these miners and their families,” said bishops from  Silesia. The Government said closures were necessary to save the Kopalnia mining giant, which has debts of more than €1 billion (£774m).