Russian economy to remain committed towards 'broad international cooperation': Putin

Russian President Vladimir Putin has announced that their economy will remain committed towards "transparency and broad international cooperation." In his greetings to the 25th St Petersburg International Economic Forum, Putin said that 2020 will become the period for Russia when the country will be able to bolster its economic sovereignty and development of infrastructure, according to the statement released by the Kremlin. In addition, Russia will be able to implement an "efficient financial system" and its economy will remain dependent on private initiatives.

"For Russia the 2020s will become a period when the country strengthens its economic sovereignty, which involves the accelerated development of its infrastructure and technological base, qualitative upgrades in the level of training for specialists, as well as the establishment of an independent and efficient financial system," Russian President Vladimir Putin said.  

"In addition, the Russian economy will increasingly rely on private initiatives and, of course, will remain committed to transparency and broad international cooperation," Putin added.

In his greeting to the participants, organizers at the St Petersburg International Economic Forum, Putin called it a "difficult time" for the entire world and noted that the West has for many years committed mistakes in economic policies. He further said that the "illegitimate" sanctions imposed by the EU against Russia have resulted in global inflation, disruption of the supply chain and an increase in food shortages. Vladimir Putin stressed that they need to enhance their trade and investment and encourage the development of technologies jointly, according to the statement released by Kremlin. He called for strengthening the stock market and increasing the share of settlements in national currencies. It is pertinent to note here that ever since Russia launched its offensive in Ukraine, the EU nations have been imposing financial sanctions against Moscow. 

State Duma Chairman claims US & EU 'exhausted' means to impact Russia's development

Earlier on June 4, Russia's State Duma Chairman Vyacheslav Volodin has said that the US and European Union has "exhausted" their means to impact the development of Russia. In a telegram post, he said that European Union's oil embargo will result in EU member countries paying more than 250 billion euros a year due to "record-high energy prices." Volodin claimed that leaders of the West have been forced to choose between a "bad and a very bad scenario" for their economies and citizens with the imposition of new sanctions against Russia. He said that experts have noted that Russia will lose around $22 billion (₹₹1,708,003,770,000) a year due to the ban on oil exports to Europe. Volodin said that Russia will shift its oil market to Asia and will be able to fully compensate for the cost. 

Image: AP