President Putin: Russia Should Develop as Part of Global Economy

Russia should not develop its economy in isolation, as it is an integral part of the global economic system, President Vladimir Putin said Monday.

CHELYABINSK (Sputnik) — Putin made a statement at a meeting with workers of the Chelyabinsk Pipe-Rolling Plant:

"We have never believed and we should not believe that we must develop our economy in isolation from the global economy. The Russian economy has already become an integral part of the global one and it should develop this way."

Putin added that Russia's import substitution aims to ensure benefits for the state, but not to block all foreign good from the country's market.

"Recently, we have been speaking about the import substitution a lot and often. This is not because we want to substitute everything, but because this is more beneficial for the country," Putin said, adding that the import substitution contributes to creating new workplaces and high-tech production.

The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions.

According to Russia's new foreign policy concept, published on December 1, Moscow is interested in further development of the economic relations with other countries, and the European Union remains Russia's important economic and foreign policy partner despite sanctions imposed by Brussels.