(MENAFN- Kuwait News Agency (KUNA)) MOSCOW, Dec 4 (KUNA) -- Russian President Vladimir Putin on Wednesday said his country's economy is "passing through structural transformation" to cope with external challenges.
Putin, addressing an investment forum, "Russia Calls," said Western schemes to undermine the Russian economy have failed, adding that unemployment rates in Russia have been quite low, as compared to the proportions in western nations.
Local investments have grown for the third year in a row, despite external challenges, he said, calling for incentives for the companies to get engaged in the local stock market.
The Russian financial sector has achieved advanced levels of digitization, due to the effective national infrastructure, he said, adding that some foreign companies voluntarily had withdrawn from the domestic market.
He argued that the cut-off of commercial and logistical relations with Russia by European countries led to deepening economic issues in Europe.
Putin affirmed that Moscow has been seeking to bolster "its partnership with China" in a manner independent from the Ukrainian crisis, and re-affirmed backing for the "Bricks initiatives," namely establishment of a unified digital payment system.
Russia is a mastermind of the Bricks creation, stimulated by the drive to seek independence from the west-controlled global financial system. (end)
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