Putin announced the readiness of Russian business to compete with the West

Any dominance is not eternal, Russian companies are ready to compete with the West, Russian President Vladimir Putin said at a plenary meeting of the forum of the Agency for Strategic Initiatives (ASI).

“Any monopoly, any dominance is not eternal. Our companies and teams are ready for competition. Many have already proven this. When I say “monopoly”, I mean your Western competitors, because, in fact, they secured this monopoly in many industries for themselves,” the president said (quote according to TASS).

According to Putin, domestic producers “are already proving and have proven that they can work better.” He urged to help them “unwind” so that Russia has its own trademarks, “which the country can and will be proud of, which will be recognizable not only in Russia, but also in the world as a whole.”

June 16 at the plenary session SPIEF the president declaredthat entrepreneurs need to focus on investing in the development of Russian business, in which case they will be in a safe place. Putin also called unacceptable the situation when funds are earned in Russia and then deposited in foreign accounts. According to the head of state, this situation carries risks not only for the Russian economy, but also for the business itself.

At SPIEF, the president also said that business should not be checked if it is not associated with risks of harm to humans and the environment. On June 19, Prime Minister Mikhail Mishustin, at a meeting with deputy prime ministers, announced that the Russian government would legislate the norm for conducting inspections of entrepreneurs only for relevant departments. According to him, the Russian Federation should “stop scheduled and unscheduled inspections, unless their activities are associated with high risks of harm to citizens and the environment.”