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The choice of many Western firms to go away the Russian market makes Russia begin shifting to eliminate humiliating dependence, President Vladimir Putin stated.
In accordance with Putin, the dependence on overseas applied sciences is harmful, since such dependence expands and strikes from one space to a different, together with in important areas associated to navy know-how.
Throughout his speech on the St. Petersburg Worldwide Financial Discussion board in June, Putin stated that the applied sciences that Russia develops must be higher than the applied sciences of Western nations. He then admitted that absolute import substitution was unattainable.
He additionally identified that within the occasion of the lack of sovereignty, Russia would produce “solely oil, fuel, stubs, saddles” and “promote spherical timber overseas.”
The difficulty of entry to overseas applied sciences and merchandise grew to become related for Russia after the beginning of the operation in Ukraine on February 24. The West responded to Moscow with in depth sanctions. In accordance with the Russian Central Financial institution, the nation is in for a interval of financial structural transformation.
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