Putin Says Russia Should Boost Economic Sovereignty

Russia should increase its economic sovereignty while remaining an integral, natural and organic part of the global economy.

NOVO-OGARYOVO, January 21 (Sputnik) — Russia will take appropriate measures to increase its economic sovereignty as the global economy is eroding under pressure from political factors, President Vladimir Putin said on Wednesday.

"We have come to realize that despite the apparent stability of global economic rules, they, in fact, could be eroded under the pressure of political factors," Putin said at a meeting with the government.

The Russian leader said that Russia had to "increase our economic sovereignty while, of course, remaining… an integral, natural and organic part of the global economy."

However, Putin pointed out that the structure of the Russian economy had remained practically unchanged since the 2008 global economic crisis, and stressed that the "external restrictions" Russia was currently facing should "push us to change this structure more energetically."

Following Crimea's reunification with Russia in March 2014, the West imposed several packages of sanctions targeting whole sectors of the Russian economy. The restrictions were based on Moscow's alleged interference into the Ukrainian armed conflict — repeatedly denied by senior Russian officials.

In response to the sanctions, in August 2014 Russia imposed a one-year ban on certain food imports from the countries that imposed restrictions on it. In addition, the country established a policy of import substitution in the military, space and a number of other industries.