At the St. Petersburg International Economic Forum, Russian President Vladimir Putin affirmed Russia’s critical trade role in global commerce, asserting its resilience despite significant international sanctions. His address showcased Russia’s strategic responses and continued importance in the global economic arena.
Speaking to a gathering of global business leaders and policymakers, Putin unveiled ambitious goals to strengthen Russia’s $2 trillion economy. He stressed the importance of reducing reliance on imports for Russia, a leading global oil exporter. He also advocated increasing the use of non-Western currencies for trade settlements and expanding domestic financial markets.
Putin highlighted a strategic shift in trade relations, particularly with Asia, noting a substantial increase in transactions. He reported that nearly 40 percent of Russia’s external trade now uses rubles, demonstrating a significant move away from U.S. dollars, euros, and other Western currencies in the face of geopolitical tensions.
He also expressed intentions to increase trade settlements in BRICS nations’ currencies, aligning more closely with emerging economies.
Putin remarked on the changing landscape of currency use in trade: “Last year, the share of payments for Russian exports in the so-called ‘toxic’ currencies of unfriendly states halved, while the share of the ruble in export and import transactions is growing – it is approaching 40 percent today.”
Putin set forth substantial economic targets, including a strategic reduction of imports by fostering competitive domestic production and a 60 percent increase in fixed asset investments by 2030.
Regarding economic decentralization, Putin proposed relocating major company headquarters from Moscow to other regions to stimulate development and address labor shortages with superior professional education initiatives.
Concluding his economic vision, Putin projected that the value of the Russian stock market could double by decade’s end, amounting to two-thirds of the national GDP.
Putin’s speech not only detailed Russia’s strategies to navigate sanctions but also reinforced its role as a formidable and strategic participant in transforming global trade dynamics.
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