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Russia is not shifting towards East, only corrects imbalances — minister

February 01, 11:34 UTC+3 MOSCOW
The Russian minister reminded that the share of the European Union in the world's GDP is larger than China's and the United States'
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Russian Economic Development Minister Alexey Ulyukayev

Russian Economic Development Minister Alexey Ulyukayev

© Sergei Savostianov/TASS

MOSCOW, February 1. /TASS/. Russia is not shifting towards the East, just wants to have a more solid base, Economic Development Minister Alexey Ulyukayev said Monday.

"When people say that the Russian economy in response to the negative developments with the European partners is shift towards the East, it is wrong. We are not shifting towards anything. We would just want to have a more solid base for development. It is safer to stand on two feet than one. This is a correction of imbalances," he said.

The minister said he regretted negative developments with the European Union. "The European Union is historically our largest partner in trade, economy and investment," Ulyukayev said.

According to him, the sanctions and counter-sanctions are "a game where nobody wins, everyone loses."

The historical choice in favor of developing economic ties with Europe as the primary partner is obvious, Ulyukayev said. "When people talk about the largest economy in the world, about China challenging the United States and so on, they forget that the world's largest economy is the economy of the European Union," he said, noting that the share of the European Union in the world’s GDP is the largest in the world.

"China and the United States may argue among themselves, who is the second," Head of Economic Development Ministry said.

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