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Russia getting rid of dependence on raw materials exports, says Putin

According to the President, Russia’s non-oil and gas revenues grew by 9.1% in January-May and by 28.5% in May

ST. PETERSBURG, June 16. /TASS/. Russia is getting rid of its dependence on the sale of raw materials abroad and this trend is gradually gaining momentum, Russian President Vladimir Putin said at the St. Petersburg International Economic Forum (SPIEF) on Friday.

"The Russian audience certainly remembers and knows that we always said: 'When will we get rid of dependence on oil and gas revenues?' So, this trend is gradually gaining momentum," the Russian leader said.

The dynamics of Russia’s non-oil and gas revenues also merits attention as they grew by 9.1% in January-May this year, Putin said.

"Moreover, they increased by 28.5% in May," the Russian leader pointed out.

These are budget revenues unrelated to the exports of crude oil and natural gas, Putin stressed.

"This is an important indicator that the real sector of our economy, its manufacturing enterprises, trade and services are developing and gaining momentum," he said.

The head of state said he would "later talk" about crude oil and natural gas dynamics as there were points that needed attention in that sphere.

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Vladimir Putin Trade & Cooperation SPIEF-2023

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