Putin urges Federal Assembly to keep money in Russia

(MENAFN) In his annual address to the Federal Assembly, Russian President Vladimir Putin issued a call to the country's businesses, urging them to invest domestically and avoid the potential risks associated with searching for ways to retrieve assets from the West. Putin cautioned that those who withdraw funds abroad risk "losing everything," emphasizing the importance of operating within the Russian jurisdiction.

Highlighting the impact of Ukraine-related sanctions, Putin emphasized that businesses should prioritize investing in various regions of Russia, contributing to the development of companies and personnel training. The president asserted that a strong, sovereign country serves as the most reliable protection for assets and capital.

Addressing the economic landscape, Putin outlined ambitious goals for the next six years, aiming for a 70 percent growth in investment in key sectors. He lauded the positive dynamics in investments, citing cumulative growth rates that surpassed planned targets. Putin stressed the need to continue at an accelerated pace, with the country's banking system and stock market playing crucial roles in ensuring the flow of capital into the economy through mechanisms like project and equity financing.

As part of the economic strategy, Putin announced plans to support industrial projects with investments exceeding 200 billion rubles (USD2.2 billion) over the next two years using equity funds. The president's appeal underscores the importance of fostering a robust domestic investment climate, aligning with Russia's broader economic objectives amid global uncertainties and sanctions.


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