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Over 70% of Russia’s turnover in January was with friendly countries — minister

It was reported earlier that Russia expects to see continuing high level of global trade, despite unfavorable economic trends in unfriendly nations

MOSCOW, April 18. /TASS/. More than 70% of Russia's trade turnover in January 2023 was with countries that did not join the sanctions imposed on the Russian Federation, Minister of Economic Development Maxim Reshetnikov said on Tuesday.

"At the end of 2022, we saw how quickly Russia’s trade was restructured. By January 2023, the states that did not join the sanctions accounted for more than 70% of Russia's trade turnover," the minister said, adding that this percentage is growing as previous trade flows are gradually being replaced.

A spokesperson of the Ministry of Economic Development told TASS at the end of March that Russia expects to see continuing high level of global trade, despite unfavorable economic trends in unfriendly nations.

According to the Ministry of Economic Development, Russia’s reliance on the economic situation in developed nations has diminished dramatically as a result of the transformation of its foreign economic activity. Russia’s trade turnover climbed by 11% in physical terms and 7% in value terms in the Q4 of 2022 compared to the previous quarter. Further deepening of cooperation with neutral countries, as well as high growth rates of China and India's economies, would allow maintaining high trade indicators despite bad economic trends in unfriendly countries, according to the ministry.