- Speaking at the St. Petersburg International Economic Forum ( SPIEF), Putin said countries “friendly to Russia” were the ones that deserved special attention.
- He added that Russia may work with emerging markets to increase the share of towns conducted in the BRICS countries, including Brazil, Russia, India, China, and South Africa.
- Over the past year, payments for Russian exports in” so-called toxic” economies of non-friendly says had halved, according to Putin.
Putin stated at the St. Petersburg International Economic Forum ( SPIEF ) that nations that are “friendly to Russia” deserve special attention because they “deserve special attention because they will determine the future of the global economy,” and that they already account for three-quarters of our trade volume.
He added that Russia may work with emerging markets to increase the share of towns conducted in the BRICS countries, including Brazil, Russia, India, China, and South Africa.
Over the past year, payments for Russian exports in” so-called toxic” economies of non-friendly says had halved, according to Putin.
” With that, the share of the franc in import and export procedures is increasing, then standing at about 40 %”, Putin said, according to a language.
Russia’s president gave detailed recommendations for a significant reform of the nation’s domestic economic system, including strategies to double the Russian investment market’s value by the end of the decade, lower imports, and encourage investment in fixed assets.
His remarks come as the Kremlin makes use of SPIEF to win new business ties with nations in Asia, Latin America, and Africa.
In response to Moscow’s full-scale invasion of Ukraine in February 2022, the West has attempted to shut down Russia’s$ 2 trillion business. Despite many rounds of international sanctions, Russia’s economy is expected to grow faster than all advanced economies this time.
In its World Economic Outlook in April, the International Monetary Fund said it expected Russia to grow 3.2 % in 2024, exceeding the predicted 2.7 % growth rate of the U. S. ( 2.7 % ). Less than 1 % of monetary expansions are expected to be recorded in Germany, France, and the United Kingdom.
Russia claims that Western sanctions on its crucial industries have made it more self-sufficient and that home investment and personal consumption remain resilient. Russia has been able to maintain strong oil export earnings thanks to ongoing oil and commodities exports to the likes of India and China, as well as alleged restrictions dodging and high oil prices.
Ukraine conflict
European leaders on Thursday issued an eloquent rallying cry for the ongoing help of Ukraine in honor of the 80th anniversary of D-Day. At the D- Time global memorial service, U. S. President Joe Biden said it was” just unthinkable” to bow over to Russia’s aggression, pledging no let up in U. S. support for the eastern European country.
Emmanuel Macron, the president of France, praised the Ukrainian forces ‘ bravery in their conflict with the Russians, adding,” We are here and wo n’t back away.”
Volodymyr Zelenskyy, the president of Ukraine, who was present at the meeting in Lincoln Beach, wrote on social press that the occasion served as a reminder of the” courage and determination shown in the pursuit of freedom and democracy.”
” Supporters defended Europe’s flexibility then, and Ukrainian do so now. Unity prevailed therefore, and genuine unity may prevail today”, Zelenskyy added.
In response to the raising of some Eastern limits on Ukraine’s use of weapons to attack military targets inside Russia, Putin reportedly stated earlier this week that Russia might start providing long-range weapons to unknown celebrities for attacks against the West.
— CNBC’s Holly Ellyatt contributed to this statement.
