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Friendly countries can substitute Russian industrial goods export to US — minister

Considering proactive efforts on the expansion of foreign economic interaction with friendly nations, the potential US trade embargo on Russian goods "will not seriously affect Russian industrial exports," Anton Alikhanov added

YEKATERINBURG, July 11. /TASS/. Russian exports of industrial goods to the United States in January - May 2024 stood at 2% of the total volume and may well be substituted by friendly nations, Minister of Industry and Trade Anton Alikhanov told TASS in an interview within the framework of the Innoprom-2024 Forum and Exhibition.

"Well, our exports of industrial goods to the US stood in average at 5% from our total industrial exports even before 2022. Now it is even smaller; this share dropped to 3% after introduction of sanctions in 2022, and even to 2% during the period of January - May 2024. As a result, the United States ranks only tenth in total exports of Russian industrial goods this year. Therefore, I do not think it will have any serious effect on our economic operators. This volume, so to say, may well be substituted. We will simply direct it to other countries," the minister said, answering the question concerning the US statement on the potential trade embargo on Russian products.

Considering proactive efforts on the expansion of foreign economic interaction with friendly nations, the potential US trade embargo on Russian goods "will not seriously affect Russian industrial exports," Alikhanov added.

The United States can actually introduce a trade embargo against Russian goods in the final equation, Deputy National Security Advisor for International Economics Daleep Singh said when speaking in the Brookings Institution in Washington this May.

Yekaterinburg is hosting the Innoprom international industrial exhibition from July 8 to 11. TASS is the general information agency of the event.

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