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Russia’s share of trade with countries that introduced sanctions drops to 10%

Kobakov noted that the sanctions imposed on the Russian economy have had the opposite of their intended effect

ST. PETERSBURG, June 21. /TASS/. The share of companies from countries that imposed sanctions on Russia has decreased from 90% to 10% of the country’s trade structure, Presidential Aide and Executive Secretary of the Organizing Committee of the St. Petersburg International Economic Forum (SPIEF) Anton Kobyakov told reporters.

"Previously, 90% of our trade was with our import partners. Now they account for only about 10% of trade. The rest is domestic trade," he said. Kobakov noted that the sanctions imposed on the Russian economy have had the opposite of their intended effect.

"In terms of numbers, the structure of our economy has improved over the past years. Experts have commented on this, and the president also addressed it during yesterday’s plenary session. Everyone has realized by now that sanctions will not break us. On the contrary, they have helped us identify what we need to produce domestically. A great deal of compelling domestic products has emerged, and many new market participants have appeared in various segments," he stated.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.

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