Mishustin: trade with unfriendly countries is declining in parallel with the growth of cooperation with friendly ones
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In parallel with the reduction of trade with unfriendly countries, Russia is increasing trade with other friendly partners, Prime Minister Mikhail Mishustin said. He also believes that the sanctions imposed on Russia allowed European states to “steal” Russian foreign exchange reserves.
“The geography of foreign deliveries is inevitably changing. A significant contraction in trade with the United States, Great Britain, Japan and a number of countries whose political leadership has put up barriers to normal cooperation is taking place in parallel with the growth in trade with other friendly partners,” Mr. Mishustin said at the plenary session of the international export forum “Made in Russia-2022” “(quote from TASS).
According to the Prime Minister, the volume of exports of industrial goods to the BRICS countries has increased, and there is also a good trend in trade with Turkey, Egypt, and the United Arab Emirates.
“Introducing new packages of sanctions, unfriendly countries tried to inflict as much damage as possible on our industry, financial system, and intimidate the business community. To put it simply, hundreds of billions of dollars of Russian foreign exchange reserves were stolen,” Mikhail Mishustin said.
After the start of the military operation in Ukraine, the European Union (EU) banned imports to Russia of at least a dozen categories of goods, including semiconductor devices, organic compounds, plastics, precious metal products, products for the aviation industry and equipment for internal combustion engines. According to the European Commission, the bans affected more than 40% of the total turnover of goods and services between Russia and the EU in 2021. The amount of disrupted deliveries was estimated there at almost €123 billion. Also, as part of the sanctions, about $300 billion of the $640 billion of gold and foreign exchange reserves of the Bank of Russia were frozen.
Read more about the trade turnover between Russia and the EU countries in the material “Kommersant FM” “trading successful”.
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