At least six months are needed to offset the impact of the sanctions, the prime minister says
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The Russian economy is currently facing its most challenging situation in three decades, but the West will not succeed in its attempts to isolate the country, Prime Minister Mikhail Mishustin told the State Duma on Thursday. He said that Russia will need at least six months to rebuild its economy from the impact of the unprecedented wave of Western sanctions.
“The economy needs time to rebuild. It is impossible with such a blow not to have at least six months to rebuild,” Mishustin said, commenting on the deputies’ proposals to create a real and working import substitution system in Russia.
The prime minister explained that the government is taking all possible measures to support enterprises, set up new production chains and stimulate employment. Businesses, for their part, must also adequately assess their capabilities, he noted. The situation provided room for new business opportunities, as foreign companies leaving Russia would make space for others.
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Moreover, Moscow has allies and partners with which it will continue working, and there are those who want to build businesses there. The authorities will continue supporting investors, including foreign ones, planning to strengthen cooperation with EAEU (Eurasian Economic Union) partners, Mishustin said.
“Now, this is a powerful incentive to look at and arrange either full import substitution in our country, or find new chains in friendly countries. We understand this perfectly, and our entire policy is aimed at this,” he stressed.
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