Sanctions unlocked Russia's economic potential
Western sanctions have inadvertently bolstered Russia's economic and technological sectors, President Vladimir Putin said at the Future Technologies Forum in Moscow on Friday. He added that the potential return of Western companies to the country must be carefully regulated to protect domestic companies.
The administration of US President Donald Trump has signaled in recent days that Western sanctions may be eased if a peace deal between Moscow and Kiev is reached. This has raised the possibility of a return of companies that left Russia due to the sanctions.
'Sanctions, despite all their challenges and difficulties, have played an important, stimulating role,' Putin stated. He added that the restrictions prompted closer collaboration between domestic businesses and science. 'Russian companies are now increasingly turning to [domestic] scientists and getting solutions they need. And domestic solutions often turn out to be more effective than foreign alternatives.'
First Deputy Prime Minister Denis Manturov said on Thursday that only companies that are of interest to Russia will be allowed back. While the EU and US were working on sanctions packages, Russia reworked its public procurement system and business support measures and adjusted to the changes, he added.
Domestic manufacturers and companies from the Eurasian Economic Union, comprising Belarus, Kazakhstan, Kyrgyzstan, and Armenia, now have 'absolute priority' for Russia's technological sovereignty, Manturov went on to say.
At the Future Technologies Forum, Putin instructed the government to develop a framework for regulating interactions between Russian enterprises and their foreign competitors, aiming to provide advantages for domestic manufacturers. He stressed that the process should be carried out carefully, as it remains essential to ensure favorable conditions for domestic producers.
The Russian president stated that 'in the field of industrial production, we must think everything through... so as not to lose the potential that has been created by our adversaries who imposed sanctions against us.'
Putin has made similar remarks before, suggesting that the restrictions have propelled Russia toward greater economic and financial sovereignty, describing them as a 'blessing in disguise.'
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