Daily Management Review

Russia Conducting 40% Of Trade In Rubles Since West Cut Off Moscow – Claims Putin


Russia Conducting 40% Of Trade In Rubles Since West Cut  Off Moscow – Claims Putin
Vladimir Putin, the president of Russia, stated on Friday that the percentage of commerce that takes place in rubles has risen to over 40% from dollars, euros, and other "non-friendly" Western currencies.
Speaking at the St. Petersburg International Economic Forum (SPIEF), Putin stated that nations that are "friendly to Russia" ought to receive more consideration as they will shape the world economy going forward and account for three-quarters of all commerce.
He went on to say that Russia will work to increase the proportion of settlements made in the currencies of the BRICS nations—Brazil, Russia, India, China, and South Africa—an economic alliance of developing markets.
Putin said that over the previous year, payments for Russian exports made in "so-called 'toxic' currencies of non-friendly states" had decreased by half.
According to a translation, Putin stated, "With that, the share of the ruble in import and export operations is increasing, now standing at almost 40%." According to reports, this is more than the 15% in years before to World War I and up from about 30% a year ago.
The Russian president unveiled plans for a significant reform of the nation's internal financial system, which included increasing investment in fixed assets, cutting imports, and doubling the value of the Russian stock market by the end of the decade.
His remarks coincide with the Kremlin's use of SPIEF to cultivate new ties with nations in Africa, Latin America, and Asia.
In reaction to Moscow's full-scale invasion of Ukraine in February 2022, the West has attempted to cut off Russia's $2 trillion economy. Nevertheless, in spite of many rounds of international sanctions, Russia's economy is predicted to grow faster this year than all other major economies.
The International Monetary Fund forecast in its World Economic Outlook published in April that Russia will expand 3.2% in 2024—a higher rate of growth than the 2.7% expected for the United States. The economies of Germany, France, and the United Kingdom are expected to increase by even less, by less than 1%.
Russia claims that the sanctions imposed by the West on its vital industries have increased its level of independence and that both domestic investment and private consumption are still strong.
Moscow has been able to sustain strong oil export income due to ongoing commodities and oil shipments to countries like China and India, as well as suspected sanctions evasion and high oil prices.
Since Russia began its full-scale invasion of Ukraine more than two years ago, fighting has been ongoing, with Moscow's forces recently securing tactical breakthroughs in the country's northeast and north.
On Thursday, Western leaders passionately advocated for continuing backing of Ukraine in honour of the 80th anniversary of D-Day. U.S. President Joe Biden declared during the D-Day worldwide remembrance ceremony that yielding to Russia's aggression was “simply unthinkable” and that the United States would not slack up its support for the nation in Eastern Europe.
Along with Biden, French President Emmanuel Macron praised the bravery of the Ukrainian soldiers in their conflict with Russian forces, saying, "We are here and won't back away."
Attending the ceremony on Omaha Beach, Volodymyr Zelenskyy, the president of Ukraine, said on social media that the occasion served as a reminder "of the courage and determination demonstrated in the pursuit of freedom and democracy."
"Ukrainians now protect Europe's independence, just as the Allies did back then. True unity may triumph now, just as it did back then, Zelenskyy continued.
In reaction to some Western limits on Ukraine's use of weaponry to hit military targets within Russia, Putin allegedly stated earlier this week that Russia may start providing long-range missiles to unidentified entities for strikes against the West.