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Eurasian Economic Union

Russia to boost trade, economic ties with Asian countries amid sanctions, says ministry

"The Eurasian Economic Union has huge potential that has not been fully untapped yet so we will continue developing comprehensive integration," Russia’s Economic Development Ministry said

MOSCOW, February 25. /TASS/. Russia will boost trade and economic ties with Asian countries amid the mounting external sanctions pressure, with the development of integration processes in the EAEU also becoming a key task, the press service of Russia’s Economic Development Ministry told reporters on Friday.

"We understand that the sanctions pressure that we have been facing since 2014, will intensify now. <…> That said, they (sanctions - TASS) originate from the countries that have already imposed restrictions against us, which is why we will boost trade and economic ties with other countries, first of all with Asian states. The Eurasian Economic Union has huge potential that has not been fully untapped yet so we will continue developing comprehensive integration," the ministry said, adding that it is drafting additional measures on reduction of the influence of external restrictions on the Russian economy together with relevant agencies.

Earlier, western countries announced strict sanctions against Moscow over the military operation in Ukraine. Restrictions imposed by the EU, the US, Canada, the UK and Japan are targeted at Russia’s financial sector. They are also aimed at limiting exports of high-technologies. Countries have also blacklisted political figures, representatives of the banking sector and other Russian citizens.

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Eurasian Economic Union Trade & Cooperation

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