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12/7/2023, 1:05 PM (Source: TeleTrader)
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Putin: Russia not a fuel pump

Russian President Vladimir Putin pointed out on Thursday that his country, contrary to the belief of some, is not a "fuel pump" as raw materials production brought only 2% of the nation's recent economic growth.

Despite the difficulties they are facing, Russian companies are "going through this crisis successfully," he underscored at a VTB-organized forum in Moscow. Russia wants its market to be "open and competitive," it is not closing and pushing foreign business out and is grateful to those who are staying, Putin also said. Working in and with Russia has always been profitable and the number of foreign companies has increased for the first time since March 2022, according to the Russian president.

Real wages rose 7%, which is important regarding economic development, he specified, while also claiming that Russian commercial banks are resilient as they issued historic amounts of loans. He also ruled out a potential mortgage crisis.

Baha Breaking News (BBN) / MS