Russian financial system fills niches left by Western banks — presidential aide

Business & Economy April 25, 2023, 13:40

It is noted that Russia did not pay sufficient attention to development of the country and imported goods accounted for a large portion in consumption

MOSCOW, April 25. /TASS/. The Russian financial system has filled niches left after the withdrawal of Western banks, presidential aide Maxim Oreshkin said at the Znanie (Knowledge) educational marathon.

"It was convenient for us in recent years to use financial institutions of other countries. Russian companies used Western financial institutions. Western banks have left to date. The government provides additional support in this regard. Economies of countries having domestic investors are resilient," Oreshkin noted.

Russia did not pay sufficient attention to development of the country and imported goods accounted for a large portion in consumption, the presidential aide noted.

"We have paid insufficient attention to development of our country. Consumption in this model is supported entirely on account of imported goods," Oreshkin said. "The share of imports in the US is 15% of domestic consumption. This is the example we should be keen to use. This is an opportunity of building up domestic production and domestic consumption," he added.

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