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Russia too integrated into global economy for full import substitution — Russian tycoon

June 18, 2015, 17:40 UTC+3 ST. PETERSBURG

Russia is capable of shifting to its own production on a number of goods however

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Vladimir Yevtushenkov

Vladimir Yevtushenkov

© Mikhail Metzel/TASS

ST. PETERSBURG, June 18. /TASS/. Russia’s transition to 100-percent import substitution is impossible and not needed, Chairman of the Board of Directors and the main shareholder of Sistema Holding Vladimir Yevtushenkov said in an interview aired by the Rossiya-24 TV news channel, adding that a balance between outflow and spending of foreign currency is more important.

"Our country has integrated into the global economy too much and it’s nonsense to think that we may shift to 100-percent import substitution," he said.

However, he added that on a number of goods Russia is capable of shifting to its own production, "but there is a number of products on which it makes no sense."

"Another issue is that the outflow and its spending should be balanced," he added.

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