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Putin is pleased with the Russian economy, despite sanctions for the invasion of Ukraine

Russian President Vladimir Putin welcomed this Friday the growth of Russia’s economy, which he said was faster than the world average, despite sanctions imposed on the country due to the war in Ukraine.

“Last year, GDP growth [Produto Interno Bruto] in Russia it was 3.6%, and in the first quarter of this year – 5.4%. That is, growth rates exceed the world average,” Putin said at the St. Petersburg Economic Forum.

According to the Organization for Economic Co-operation and Development (OECD), global economic growth in 2023 was 3.1%, in Russia – 2.6%.

Putin said that even despite the restrictions imposed on Moscow, the country continues to be an important player in world trade.

“Despite all the obstacles and illegitimate sanctions, Russia continues to be one of the main players in world trade and is actively developing logistics and the geography of cooperation,” he said.

He also said that three-quarters of trade is now with “friendly countries” that have not imposed sanctions against Russia.

These are mainly Asian countries, trade with which, according to the Spanish agency EFE, has grown by 60%.

Trade with the Middle East also grew by 40% and by the same proportion with Latin America.

Russia is actively developing ties with the African continent, which is reflected in the growth of trade with the countries of the region by 69%.

To protect trade with partners from foreign restrictions, Russia is considering the possibility of creating a new payment system together with the BRICS countries (Brazil, Russia, India, China and South Africa).

“Within BRICS, we are working to create an independent payment system that will not be subject to political pressure, abuse and external sanctions,” he said.

Russia has been the target of new sanctions from Ukraine’s allies since it invaded the neighboring country in February 2022.

The sanctions are aimed at reducing Russia’s ability to finance the war effort.

Author: Lusa
Source: CM Jornal

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