Medvedev: Russia’s economy is suffering from sanctions only 5% – RBC

Medvedev: Russia's economy is suffering from sanctions only 5% – RBC

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The Russian economy is suffering not so much from the Western sanctions, but on the internal constraints and “distortions of development,” said Prime Minister Dmitry Medvedev said in an interview to “Russia 24″. “What’s the problem for the current situation in the Russian economy? It’s not sanctions. We are suffering because of sanctions, perhaps 5%, and everything else – it’s our internal structural constraints, it skews the development of our economy that has developed, in fact, in the XX century “- quoted by RIA Novosti Prime Minister.

The Prime Minister expressed his confidence in the future of the domestic economy. “Not for a year, not two, but I am absolutely sure that in the long term to ten years we will have a completely different, to modernize the economy, even though today’s existing restrictions,” – said Medvedev.

The Prime Minister noted the need to develop new fields. According to him, you need to pay more attention to the development of Siberia and the Far East. “It’s a big investment, and we will do them, including through the National Welfare Fund. We will go to the Trans-Siberian Railway, BAM, to invest in a number of major infrastructure projects around Moscow to “embroider” infrastructural constraints “, – he added. As a result, according to Medvedev, will the new economy.

The Russian prime minister called meaningless and ugly the EU’s decision to deprive the Russian banks liquidity. “It was subjective, a matter of fact, the decision of our European partners. I think that it is meaningless and just ugly in relation to Russia, but we live without it. Especially that financial markets periodically collapse, and we passed this situation, and in 2008 and 2009, “- said Medvedev.

He acknowledged that the current situation in the international financial market is unfavorable for the Russian banks and recalled that during the recent crisis had funding, providing financial companies only due to internal resources.

The Prime Minister reminded that Russian banks are now entering the financial markets outside Europe. “They are also closely watching all sorts of sanctions processes, but for us it is interesting financial markets and our banks are trying to negotiate with them to grant loans,” – he added. “Money money everywhere, and wherever we take funding, if it is mutually beneficial, it suits us,” – said Medvedev, answering the question of whether a convenient and profitable fundraising from Asian banks.

It confident that the market situation will change over time. “I am absolutely sure that all those stupid penalties will be held, and international economic relations will remain, and foreign exchange markets open. So the world. Never there was nothing else. We are willing to be patient, we will survive, “- Medvedev assured.

Marina Magay

September 20, 2014

RBC