Sanctions have been used as a weapon against the country, but it has now developed immunity against them, the head of VEB.RF has said
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Relying on import substitution to minimize the effect of sanctions imposed over the Ukrainian conflict doesn’t mean isolating the Russian economy from the rest of the world, Igor Shuvalov, who heads state development corporation VEB.RF, has pointed out, in an exclusive interview with RT.
Since Crimea voted to reunite with Russia in 2014 and this led to the introduction of the first rounds of international restrictions, “the country has come a long way in implementing import substitution, creating new industrial enterprises and new technological chains,” Shuvalov said.
“Sanctions really motivate us to change a lot,” he said. “On the one hand, it’s a weapon against Moscow but, on the other, we’ve developed immunity to them,” he added.
Now, when even more curbs have been slapped on Russia, the “duty” of the government is to make sure that “the country is 100% secure in terms of technologies, the production of critical elements, and food,” the official insisted.
However, despite the emphasis on import substitution, the Russian economy “shouldn’t strive for autonomy,” but instead remain “open,” Shuvalov, who was Russia’s First Deputy Prime Minister between 2008 and 2018, said.