Russian President Vladimir Putin declared on Friday that Russia remains a key player in global trade, despite facing heavy sanctions from Western nations. Speaking at the St. Petersburg International Economic Forum, Putin outlined ambitions to strengthen Russia’s economy by shifting focus towards Asia and increasing the use of non-Western currencies in international trade.
“Trade with Asia is soaring,” Putin announced, highlighting that nearly 40% of Russia’s external trade is now conducted in rubles. This shift comes as the use of U.S. dollars, euros, and other Western currencies in Russia’s trade has significantly declined due to sanctions imposed following geopolitical tensions.
Putin emphasized the importance of boosting settlements conducted in the currencies of BRICS countries—Brazil, Russia, India, China, and South Africa. “We will seek to enhance the share of such settlements,” he said, signaling a move to deepen economic ties with Asian partners.
In a bid to reduce dependence on imports, Putin called for the development of competitive domestic production and aims to increase investment in fixed assets by 60% by 2030. He also proposed relocating the headquarters of major companies from Moscow to other regions to stimulate local economies.
Addressing the labor shortage, Putin stressed the need for better professional education to equip the workforce with necessary skills. He set an ambitious goal for the Russian stock market, aiming for its value to double by the end of the decade, amounting to two-thirds of the country’s gross domestic product (GDP).
Despite facing international sanctions, Russia’s strategic pivot towards Asia and increased use of local currencies in trade signify a significant shift in global economic dynamics. This development presents new opportunities and considerations for businesses, investors, and policymakers across Asia and beyond.
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Putin says Russia remains one of the key participants in world trade
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