Minister claims Russian trade with associate country thriving
Date
2/15/2024 5:46:17 AM
(MENAFN) Minister of Economic Development Maksim Reshetnikov revealed a significant surge in Russia's mutual trade with countries that have refrained from imposing sanctions over the Ukraine conflict in the past year. Speaking at a forum hosted by the Russian Union of Industrialists and Entrepreneurs (RSPP), Reshetnikov highlighted the decline in trade with the European Union (EU) while emphasizing that trade with 'friendly' nations had reached historic highs, constituting 77 percent of Russia's trade turnover.
Reshetnikov attributed this positive trend to various factors, including the development of transport and logistics infrastructure. He noted that increased throughput capacity at border crossings had facilitated a nearly 50 percent increase in supplies through the North-South corridor. Despite sanctions imposed by the United States and its allies, limiting Moscow's access to various markets and prompting the exit of Western firms from Russia, the country has witnessed a diversification of suppliers and a reorientation of supply chains to support its economy.
The impact of sanctions on Russia has led to a strategic shift in the business landscape, prompting Russian companies to explore alternative sources for raw materials, services, and software. According to an RSPP survey, more than 70 percent of Russian businesses have successfully identified alternative suppliers in the domestic market over the past year.
Additionally, approximately half of these companies have established new supplier relationships for equipment and components with 'friendly' countries abroad.
This article explores the implications of Russia's growing trade with non-sanctioning nations, shedding light on the economic resilience demonstrated by the country in the face of international sanctions. It delves into the specific measures taken by Russian businesses to navigate the challenges posed by restrictions and highlights the role of diversified supply chains in supporting the national economy.
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