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“We’ll expand our business relations with China but we won’t restrict relations with Europe either,” Ulyukayev said.
“We feel the impact of the sanctions,” he indicated. This is felt in the access to the world market of capitals, the outflow of capital, the slide of the ruble’s exchange rate, and the inflation, which he believes will reach almost 9% by the yearend.
The sanctions have also affected the inflow of foreign investment, Ulyukayev said.
“It’s like an avalanche now and stopping it is a highly problematic thing,” he said. “One can only try and defends oneself in some way,” he said.
Ulyukayev is expected to visit Germany on November 25 and November 26 for meetings with German business executives where he will discuss the prospects for further cooperation on the existing projects and on new ones.