26 Apr 2022 6:56 pm
Despite Western sanctions, the Russian economy can function stably, according to the Russian President. The rights of companies should be respected and fully supported. This also applies to Western companies that have stayed in Russia.
Russia is under unprecedented sanctions pressure that continues to intensify. Russian President Vladimir Putin pointed this out on Monday, emphasizing that despite the prevailing conditions, the country’s economy has the opportunity to function stably and smoothly. He has promised to support the companies as much as possible, including the foreign companies that stayed in Russia.
To do this, it is necessary to respect the rights of entrepreneurs and give them full support, including by reducing administrative burdens. Foreign companies that have stayed in Russia despite sanctions pressure should be able to “work in peace,” he added.
Earlier, the Russian president ordered the government to allocate additional funds to support small and medium-sized businesses and create better growth conditions for new industries based on new and yet-to-be-developed supply chains. Putin also said he believes the sanctions will lead to the emergence of new leaders in the Russian market.
Hundreds of Western companies have suspended their operations and investments in Russia after the US and its allies imposed sanctions on the country. Several countries have also frozen Russian foreign assets, as well as the assets of companies and high-ranking figures from Russia. However, Putin stated that there are no plans to nationalize foreign assets in Russia in response:
“Unlike Western countries, we will respect property rights.”
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