Since 2022, after some foreign brands left the Russian Federation, the Russian manufacturing industry has a chance to completely restart and occupy those niches in the domestic market that foreign competitors have left. This opinion was expressed by the leading analyst of Freedom Finance Global Natalya Milchakova, commenting on the statement of Russian President Vladimir Putin that the country’s economy is beginning to develop according to a new model.
“The economic model that Russia followed after the 90s of the 20th century can be briefly described as: “Oil and gas in exchange for consumer goods, machinery and equipment.” That is, Russia exported hydrocarbons to the West, and the received petrodollars the vast majority of engineering products and consumer goods,” noted the expert in an interview with RT.
According to the analyst, by 2018 the Russian Federation has tripled the export of raw materials abroad, and seven times the import. And even despite the positive trade balance, Russia was very dependent on imports, Milchakova stressed. A gradual departure from this model began in 2014 after the Russian Federation imposed a food embargo on a number of goods from the US, EU and UK in connection with Western sanctions. Now Russian industry has a chance to restart.
“Russia is redirecting its export flows from the west to the east, and this can definitely be assessed as a strategic plus, since by 2030 China and India together will provide at least a quarter of world oil demand. The course chosen is correct,” concluded the expert.
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