Sanctions Forced Russia to Turn to Asia
World Economy

Sanctions Forced Russia to Turn to Asia

Western sanctions have encouraged Russia to work more actively with Asian partners, Russian Prime Minister Dmitry Medvedev said prior to this month’s EU summit in Brussels. The EU will then make a decision on anti-Russian sanctions.
“In economic terms, of course, all those sanctions, introduced against us, stimulated us to ensure more active cooperation with Asian countries. Thank you very much to all those states that have adopted them,” Medvedev told reporters at XVII World Congress of Russian Press Thursday, RT reported.
It’s high time Russia turned to Asia, as the West does not give money and pushes Russian companies out of business, he added.
Russia’s choice of trading partners will be based on national interests, but the markets in the Asia-Pacific region and BRICS are of utmost importance, said the PM.
“Sixty percent of the world GDP is there. The whole global growth is mainly in the Asia-Pacific region and in the BRICS countries. Therefore, it is essential for us to gain a foothold in the partner states of the Eurasian Economic Union and the Asia-Pacific region,”said Medvedev.
However, Russia hasn’t closed the door to Europe, he added.

 Baltic States Suffer
Medvedev paid special attention to Russian trade relationship with the Baltic states. Estonia, Latvia and Lithuania suffered badly from Russian counter-sanctions, he said.
“We were forced to declare the so-called counter-measures, sanctions, as they are sometimes called, counter-sanctions. Trade turnover with Latvia fell by 40 percent, Lithuania – 30 percent, Estonia – 25 percent. We understand how significant these figures are for the Baltic countries. These are largely agricultural products, you won’t find them in our markets,” Medvedev said.
However, Moscow is ready to develop sound relations with the Baltic countries, he said.
The EU summit will take place in Brussels on June 25-26. The EU will decide whether to prolong the economic sanctions against Russia expiring in July. The sanctions were introduced over the reunification of Crimea with Russia, and its stance in the Ukrainian crisis.

Short URL : http://goo.gl/i08HZt

You can also read ...

Argentina Lacks Options to Defend Peso
With interest rates sky-high and the economy heading for...
BMW Seeking Broader China Collaboration
The opening-up is an important policy and German carmaker BMW...
Westinghouse Electric, the leading US nuclear fuel producer, said it relies on China for zirconium and zirconium powder  for use in nuclear fuel assemblies
A broad cross-section of US businesses has a message for the...
Vehicle loans have rapidly expanded as cars purchased during a tax rebate scheme for first cars  in 2012-13 have begun to be replaced.
Consumer borrowing is accelerating significantly in Thailand...
Turkey, Qatar in Currency Swap Deal
The central banks of Qatar and Turkey signed a currency swap...
Asian Countries Vie to Set Up Crypto Valleys
The race to establish cryptocurrency hubs in Asia is gathering...
International Labor Organization has called for stronger...
UK Business Pessimism Rising
Business leaders’ confidence in the British economy has fallen...