Skip to content

Cut off from the West, Putin says almost 40% of Russian trade turnover is now in rubles

Cut off from the West, Putin says almost 40% of Russian trade turnover is now in rubles
Speaking at the St. Petersburg International Economic Forum (SPIEF), Putin said countries “friendly to Russia” were the ones that deserved special attention.

Table of Contents

Russian President Vladimir Putin announced at the St. Petersburg International Economic Forum that nearly 40% of the country's trade turnover is now in rubles, as the share conducted in dollars, euros, and other "non-friendly" Western currencies has fallen away. He emphasized that countries "friendly to Russia" deserve special attention and will define the future of the global economy. Putin also detailed plans for a major overhaul of the country's domestic financial market. This comes as the Kremlin leverages the forum to court new relationships with countries in Asia, Latin America, and Africa. Despite international sanctions, Russia's economy is expected to grow faster than all advanced economies this year. Fighting has been raging in Ukraine since Russia launched its full-scale invasion over two years ago, with Moscow's forces securing tactical advances in recent weeks. Western leaders marked the 80th anniversary of D-Day by delivering an impassioned rallying cry for the continued support of Ukraine. French President Emmanuel Macron and U.S. President Joe Biden praised Ukrainian forces for their courage in their fight against Russian forces. Ukrainian President Volodymyr Zelenskyy said the event served as a reminder of the courage and determination demonstrated in the pursuit of freedom and democracy. Earlier in the week, Putin reportedly said Russia could begin supplying long-range weapons to unspecified actors for strikes against the West, in response to the lifting of some Western restrictions on Ukraine's use of weapons to hit military targets inside Russia.

Source

Latest