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Russia Today
7 days ago
- Business
- Russia Today
Sanctions, no ‘rolling out carpet' for McDonald's, the fight against ‘bad IT habits': Key points from Putin's meeting on economy
Russian President Vladimir Putin met with business leaders in the Kremlin on Monday, discussing the state of the economy and the effects of Western sanctions. On Russian Entrepreneurship Day, the president thanked business leaders and their employees for driving the recovery from foreign sanctions and effectively filling the space left by corporations that chose to cut ties with Russia over the Ukraine conflict. Fourth-largest economy in the world Putin noted that the Russian economy now ranks fourth globally by purchasing power parity (PPP). He credited the accomplishment to the business community and workers across the country. According to the International Monetary Fund, Russia overtook Japan as the fourth-largest economy based on PPP in 2024, ranking behind only China, the US, and GDP growth GDP grew by 4.1% in 2023 and 4.3% in 2024 – a 'solid result,' considering the 'difficult conditions,' Putin said. 'The growth was neither confined to individual sectors nor limited to specific regions. On the contrary, it spanned a wide spectrum: industry, agriculture, digital technologies, services, finance, and more,' he went on to say. The government projects a 2.5% growth rate in 2025. Russia won't be 'rolling out a carpet' for McDonald's Putin said the government would devise a program for foreign companies wishing to return to the Russian market, 'but only insofar as it aligns with the protection of our own business interests.' Moscow, he stressed, will not be 'rolling out a carpet' for McDonald's and other corporations. 'Let's consider the terms. If their return is beneficial to you, then by all means, they can come back. If something isn't currently in your interest, let's work together to make it so,' Putin told Russian business leaders. Fighting 'bad IT habits' The president welcomed calls to restrict access to services from companies such as Microsoft and Zoom, which officially exited the Russian market after 2022. 'We need to strangle them. I completely agree. I say this openly because they are trying to strangle us. We need to reciprocate,' he said. He stressed that Russia did not force any IT companies to leave in the first place. However, he urged Russians to abandon the 'bad habits' of relying on foreign services. Sanctions making economy stronger Putin argued that Western sanctions have inadvertently helped the country ramp up domestic production and become more self-sufficient. 'Russia has always demonstrated remarkable resilience in the face of hardship. This is one of those moments when overcoming difficulties only makes us stronger.' Fines for breaching 'local production' laws The president also backed the idea of fining state-owned companies for violating recently adopted procurement laws that prioritize domestically produced goods over foreign goods. 'There must be both oversight and sanctions… to deter violations of the norms,' he said.
Russia Today
26-05-2025
- Business
- Russia Today
Putin hails Russia's economic growth
Russian President Vladimir Putin has hailed the country's economic performance, attributing its rise to fourth place globally by purchasing power parity (PPP) to the efforts of businesses and workers. Speaking on Monday at a meeting with business leaders on National Entrepreneurs Day, Putin said the country had achieved impressive results over the past two years, despite operating in what he described as 'far from favorable and rather difficult conditions.' 'In 2023, GDP grew by 4.1%, and in 2024, by 4.3% – that's a solid result,' he said. 'That Russia's economy is now fourth in the world by PPP is, of course, your direct achievement – the result of the work of companies from all regions of the Russian Federation.' PPP compares economic productivity and living standards between countries by adjusting for differences in the cost of goods and services. Putin emphasized that the growth had not been limited to any one sector but spanned a wide range of industries, including manufacturing, agriculture, digital technologies, services, and finance. 'Such a result is not the work of a few large organizations, but the contribution of thousands, hundreds of thousands, even millions of people working toward a common goal,' the president said. The International Monetary Fund has also upgraded its 2025 forecast for Russia's economy. In its latest World Economic Outlook, the IMF projected Russian GDP to grow by 1.5% this year, citing resilience to global and geopolitical challenges. The IMF ranks Russia behind only China, the US, and India in terms of PPP.
