President Vladimir Putin said on Friday that Russia must act quickly to counter what he called “economic aggression” by the West, adding that Moscow would expand ties with countries in Eurasia, Africa and Latin America, Reuters reported.
The Russian economy has faced numerous challenges this year, including a weakening ruble, lower energy revenues and further isolation as Western countries continue to impose sanctions over Russia’s war in Ukraine.
“Today, in the conditions of the economic aggression of the West, the parliament, the government, all regional and local authorities must act clearly and quickly as one coordinated team,” Putin said at a meeting with Russian deputies.
“We will not allow Russia to isolate itself. On the contrary, we will expand pragmatic, equal, mutually beneficial, exclusively cooperative relations with friendly countries of Eurasia, Africa and Latin America,” he said.
Finance Minister Anton Siluanov said on Friday that Moscow’s forecast for a budget deficit of no more than 2% of gross domestic product (GDP) in 2023 remains in place, but achieving this will depend on oil and gas revenues, the Russian Press agency reports. .
Putin released “friendly” countries from the ban on oil exports
Russian President Vladimir Putin on Friday signed a decree exempting current contracts with so-called “friendly” countries and companies from a ban on the sale of Russian oil imposed in response to price caps, according to the government’s website.
In December, Putin signed a decree prohibiting the supply of crude oil and petroleum products from February 1 to countries that comply with the restriction.
The G7 major powers, the European Union and Australia agreed to impose a maximum price on Russian offshore oil of $60 per barrel from December 5 in response to Moscow’s “special military operation” in Ukraine.
On Friday, Putin signed amendments to his December decree to exclude existing supply contracts with companies and countries that Russia does not consider “unfriendly.”
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Source: Hot News
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