West’s illegitimate sanctions impact global markets: Russian Dy PM

Russia not planning to fence itself off from the rest of the world, says Deputy PM Denis Manturov

| Updated: 17 April, 2023 9:40 pm IST
Russian Deputy Prime minister Denis Manturov

The Deputy Prime Minister and Minister of Industry and Trade of the Russian Federation, Denis Manturov, addressed the India Russia Business Dialogue in New Delhi, where he discussed the impact of “illegitimate sanctions” by Western states on global markets.

Manturov noted that these sanctions had resulted in systemic problems, which impacted the supplies of oil products, fertilisers, and food products. “This created difficulties for international transport flows, cargo insurance, and the conduct of financial transactions, which led to the acceleration of inflation in many countries,” he said.

Despite these challenges, Manturov emphasised that Russia was not planning to isolate itself from the rest of the world. Instead, he highlighted the need for cooperation with trusted foreign partners on certain components and technologies.

“Complete self-sufficiency was not economically feasible and Russia did not have the goal of achieving it,” Manturov noted. Instead, he emphasised the importance of mutually beneficial cooperation and the exchange of competencies and experiences in the most promising technological areas.

Manturov also stressed the critical role that India plays in the development of the North-South Transport Corridor. He urged India to become one of the key partners within the framework of this project and emphasised the need to expand direct air connectivity to increase mutual tourist flow and the exchange of business delegations.

However, Manturov expressed concern about visa regulations that could affect tourism between the two countries. He hoped that certain agreements could be accepted during their meetings and invited Indian partners to visit an exhibition in July.

Manturov also revealed that an exhibition would be held in Uzbekistan and Kazakhstan in June this year and he hoped to see Indian partners there.

Manturov’s two-day working trip to India was focused on strengthening economic and trade relations between the two countries.

He co-chaired the Intergovernmental Russian-Indian Commission on trade, economic, scientific, technical, and cultural cooperation and met with business representatives from both countries to discuss mutual cooperation ties and the exchange of competencies and experiences in the most promising technological areas.

Manturov’s visit to India emphasised the importance of cooperation between Russia and India, as well as with other trusted foreign partners, to overcome the challenges faced by global markets.

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