Russia stabilizes supply to industry despite sanctions

Russia stabilizes supply to industry despite sanctions

“Today we see that the situation is stabilizing both in the market for consumer goods and for components and raw materials for industrial companies,” headlined the Sputnik news agency.

Manturov, who will be attending the Innoprom international industrial fair in Yekaterinburg, Russia, from July 4-7, recalled that since late February the United States and the European Union have been intensifying the economic war, particularly hampering imports to ban air transport , sea and land.

In this sense, the minister stressed that the measures taken by the Russian government to liberalize imports have helped the national economy to overcome the initial shock caused by the restrictions imposed by Western countries.

“Taking into account the development of the economic and industrial situation, we must focus our efforts on supporting national product,” he stressed.

In this regard, Manturov assured that the authorities will take measures to prevent unfair competition from US companies and the community bloc of the so-called old continent.

He added that his ministry has opened an office to help national companies find partners to redirect export and import flows, foreign trade financing mechanisms and alternative logistics solutions.

After the start of the Russian special military operation in Ukraine on February 24, numerous countries, mainly from the West, activated various batteries of individual and sectoral sanctions with the intention of causing maximum damage to the economy of the Eurasian nation, putting Moscow under pressure set to cease hostilities.

According to the Castellum.AI database, Russia is now the country hardest hit by economic measures, ahead of Iran, Syria, the DPRK and Venezuela.

More than 8,400 new restrictive sanctions have been activated against him since mid-February, adding to the 2,695 already in place since 2014.