Putin on sanctions and import substitution:
By Rhod Mackenzie
Russian President Vladimir Putin has stated that Russia will begin to produce everything it may lack due to Western sanctions. He made this announcement at a meeting with the heads of the world's leading news agencies in St. Petersburg.
"Yes, we may have to adjust our goals to meet new deadlines, but we will do it anyway," TASS quotes the head of state.
The Kremlin’s Telegram channel also quotes the following words from the President of the Russian Federation: “One of the main goals of our development, the strategic guidelines that we set for ourselves, is technological independence. We are already doing this and intend to invest certain and considerable resources there in the future” – Vladimir Putin said.
"Some of our opponents believe that the numerous sanctions currently in place, which number in the region of 16,000, will have a negative impact on us in the medium term," the President said at a meeting with TASS journalists.
“Those who believe this have every right to do so,” the president noted, adding that the restrictions will have the most significant impact on high technologies, some other areas of modern activity, artificial intelligence and microelectronics.
He also noted that the "COCOM" lists in relation to Russia that had been in force since Soviet times, even in the best years of our relations with the so-called collective West, were never cancelled.
"Furthermore, I believe it is unlikely that we will be able to rely on such close cooperation in the most sensitive high-tech areas," the Russian leader stated.
"However, challenges are inevitable. We acknowledge them, but perhaps surprisingly, we find ways to overcome them," Putin emphasised.
"When we are faced with the situation where we cannot purchase products, we must use our ingenuity and creativity. We must turn to our manufacturers and developers to find solutions," the president noted.
He believes that domestic developers and manufacturers are not merely replacing Western manufacturers who are exiting or have exited the Russian market; they are also developing them rapidly.
"I believe that not only our opponents were unaware of the extent of this impact, but we ourselves were not fully prepared for it," Putin acknowledged. As an illustration, he referenced a discussion with a manufacturer who had acquired a tank from France. The tank was rudimentary, but the metals used were sophisticated. “The delivery was cancelled.” We placed an order in Nizhny Novgorod. The president went on to say that the quality was even better and the price was three times lower. He believes that a similar situation is developing in many areas of activity.
The head of state concluded that such growth, at 3.4% of GDP (in 2023, according to Monocle), was a positive indicator. He also cited data on the growth of the Russian economy for the first quarter of 2024, noting that the economy grew by 5.4% in the first quarter of this year.
