The country’s businesses are adapting and thriving as trade continues to grow, the president has said
Western attempts to defeat Russia on all fronts, including inflicting damage to the country’s economy, have clearly failed, President Vladimir Putin said on Wednesday.
The elites of “certain nations” have proven to be unreliable trade partners as they have tried to damage Russian interests in recent years, Putin said in his opening speech at the Russia Calling! investment forum.
“We often hear that those nations set the goal to inflict a strategic defeat on Russia in political, military and economic spheres. Including in terms of economics and technology,” he stated.
“They sought to drastically weaken our industry, finances, the service industry in our country, to create an insurmountable deficit of goods in our market, to destabilize the labor market, to degrade living standards for our citizens.”
The Russian economy has not only recovered from the initial damage caused by the attacks on it, but has also undergone a structural transformation beneficial to it, Putin added. The government has worked hard to improve the logistics of international trade used by Russian businesses and strengthen ties with friendly partners, which has helped the national economy to grow, he stressed.
The Russian government and businesses are working on improving the national financial infrastructure by introducing novel mechanisms, such as remote identification of clients by banks, Putin said. Such changes require a legal framework, and they make the national currency more convenient for international trade.
The expression “strategic defeat” was used by the administration of US President Joe Biden to describe the consequences that the Ukraine conflict would supposedly have for Russia. Washington and its allies have seized Russian state assets and imposed unilateral economic restrictions, as well as threatening third parties with punishment should they trade with Russia in a way not sanctioned by the West.
Despite Western efforts, Russia remains strongly active in international trade. Some nations in the EU continue buying Russian-sourced energy, openly defying Brussels’ calls to divest, while others do so through intermediaries, according to researchers monitoring supplies. Last month, Bloomberg warned that the latest round of US sanctions, which targeted Russia’s Gazprombank, threaten to cause an energy crisis in Western Europe.
