Russian Finance Minister Anton Siluanov asserted that Western sanctions won’t hinder Russia’s foreign trade, highlighting resilient trade dynamics and projected 4% economic growth despite over 2,000 restrictions.
Anton Siluanov, the Russian Finance Minister, has asserted that Western sanctions will not impede Russia’s foreign trade. Siluanov observed in an interview with Nailya Asker-Zade on the Rossiya-24 TV channel on Thursday that the country’s trade dynamics are resilient in defiance of the restrictions. He declared:
Russia’s trade turnover has been increasing, improving recently. Imports have grown in recent months.
He emphasized the tenacity of trade participants, stating, “Despite all the constraints, the participants of foreign trade transactions and foreign trade activities will continue to identify ways to remunerate the supply or acquisition of goods.” Therefore, foreign trade will be restricted if no restrictions are implemented.
Siluanov criticized Western countries for enacting policies that, in his opinion, predominantly undermine their own economies. He emphasized that “all restrictions that Western countries impose affect themselves in the first place.”
Siluanov stated that the Russian economy is experiencing growth, despite the fact that it has been subjected to over 2,000 restrictions. This year, the economic growth dynamics are expected to be approximately 4%, while the dynamics in the West are nearly nonexistent, with a maximum of 0.1%.
In addition, the Russian official emphasized that the bloc’s primary objective is to establish alternatives to Western financial systems within BRICS. “We discussed the general topic of modernizing financial infrastructure.” The issue pertains to the establishment of depository links and payments, as well as the establishment of insurance and reinsurance in foreign commerce.
“This is why the utilization of digital financial assets to establish a trans-border mechanism is merely one of the components,” he elaborated. He stated that Moscow’s initiative “will be regarded as one of the most critical matters on the BRICS agenda.”
Russia’s access to international financial systems has been considerably restricted by sanctions, which have resulted in its being disconnected from SWIFT, the global messaging network for cross-border payments. This exclusion has impeded the capacity of Russian institutions to facilitate international trade and financial transactions, particularly with Western nations.
Furthermore, Russia’s economy has been further isolated by import restrictions on Russian oil, gas, and other commodities, as well as bans on the export of critical technologies and products to sectors such as energy, defense, and high-tech industries.
Nevertheless, in an effort to alleviate these repercussions, Russia has pursued alternative systems, including China’s Cross-border Interbank Payment System (CIPS), and has increased trade with non-aligned nations.
