Vladimir Putin – key statements at a meeting with the Business Russia association

Photo: Kremlin.ru

It will not be enough for Western brands that have left the Russian market to simply apologize in order to return, President Vladimir Putin said at a meeting with the members of the Delovaya Rossiya (Business Russia) Association.

Putin also noted that the Russian business should not fear threats of new sanctions against Russia, but it is necessary to understand their possible consequences and be prepared for them.

According to the President, Russian business "meets the requirements of today" both socially and patriotically."

TASS has assembled the key statements of the head of state.

On national economy

Thanks to the efforts of businesses, the national economy "shows stability and is developing," Putin noted.

Russia has managed to significantly adjust its estimate of GDP growth for last year by 0.2 percentage points – to 4.3%, which is also important, he said.

Private business is writing the "success story of the Russian economy," the President noted.

On Ukrainian conflict

The Kiev authorities are conducting forced mobilization, "people are being caught on the street like dogs".

Meanwhile, "as 50,000-60,000 people a month come to the Russian armed forces themselves".

Photo: Kremlin.ru

On possibles return of Western companies

The way in which foreign companies left the Russian market will be taken into account by the authorities when assessing the prospects for their return to the country.

"We need to look at how companies behaved. Some were rude, insulted us – well, let them stay away then, nuts to them," Putin said.

The President noted that by 2019, the Russian agricultural sector began to cover all basic needs and the domestic companies began to ask the authorities not to let Western food products back in.

Putin noted that some countries are cheating with the requirements of the World Trade Organization (WTO). "They all [say]: "This and that cannot be subsidized." But hidden subsidies are coming in huge quantities and creating huge preferences, including in our market," he said.

Russian brands are appearing in hundreds and thousands, the quality of the products is often better that that of foreign ones, Putin noted.

He stressed that apologies from Western brands will not be enough to return to Russia: "We must definitely look at all these issues from a pragmatic point of view," he said.

Russia will pick and choose which foreign brands it lets back into the country based on a cost/benefit analysis, only opening the gate for companies who bring value to the country.

"If there is value for us to allow this or that company to come back, we should let it in," Putin said.

Russia will be guided by its national interests when deciding whether to let Western brands return to its market.

"And if something needs to be taken into account from the point of view of the interests of our business community, first of all, we will focus on your interests, on the interests of our businesses," Putin said.

On threat of new sanctions

The Russian business and authorities should not be afraid of new sanctions, but they must be prepared for everything.

"We must not be afraid. Whoever starts to be afraid will immediately lose everything," the President said.

The world's largest economies are sliding into a recession, just to harm Russia, he noted.

"Of course, we must keep this in mind – that they can do what they are talking about. And of course, we must at least minimize the negative consequences," Putin said addressing business leaders.

Putin doesn’t think it’s too smart that Western countries are willing to damage their own nations just to spite Russia.

"A lot of what they’re doing hurts them. It seems that they wouldn’t do certain things because it harms their interests. But they do it anyway, dimwitted – oh, excuse me, please," the President said.

Photo: Kremlin.ru

On inflation

High inflation is one of the main problems of the national economy today, Putin said.

According to him, the authorities need to weight down the inflation in such a way so as "not to freeze the economy itself."

"It is necessary to carry out such a soft, small "landing" [of the economy], which would allow us to achieve a situation in which the Central Bank would lower the key rate," the President explained.

The Bank of Russia sets requirements for banks, including to combat inflation: "This is such a very subtle thing. And why does the Bank of Russia do this? This is one of the ways to combat inflation."

In Russia, they are actively working to attract investors' funds. "We have created the conditions - we have increased insurance guarantees for citizens."

On pension funds

Russia must ensure the safety of pension funds when investing this money.

"It is clear that these funds, these companies of ours, which hold considerable money from our pensioners, sometimes find it difficult to figure things out. But now I have a request to the Central Bank, and to the government, and to the administration to help these funds figure things out, to develop some kind of instrument that could give some advice, <…> and support, to take on some part of the risk," Putin said.

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