MOSCOW, March 26. /TASS/. Russia needs to stay united amid challenging times, President Vladimir Putin said at a plenary session of the Russian Union of Industrialists and Entrepreneurs congress.

Despite difficulties and constraints, Russia is managing to maintain macroeconomic stability, he noted, assuring that all budgetary commitments to citizens will be fulfilled.

TASS has compiled the key statements made by the president.

Importance of unity, sovereignty

It’s imperative that Russia’s unity not be broken: "To respond to the challenges of our time, Russia must be strong, and we must be united in understanding our national interests, in addressing current tasks, and in achieving our strategic development goals."

The situation in the world has highlighted the consequences of renouncing sovereignty: "No one should have any doubts today about what sovereignty means, its value, and what happens to countries that once chose to abandon it, hoping for easier conditions and smoother development."

"Without sovereignty, it is impossible to protect fundamental interests. This applies to all areas, including transport, logistics, and financial infrastructure."

State, business

Russia is maintaining macroeconomic stability despite restrictions: "Despite the difficulties and restrictions imposed on our country, we are maintaining macroeconomic stability and ensuring stable and predictable trends in inflation and unemployment."

Trust-based cooperation between the government and firms is especially important: "Substantive, trust-based cooperation between the government and business is particularly important today, as uncertainty and stress in global markets continue to grow."

Commitments to citizens

All budgetary commitments will be fulfilled: "We will adhere to a moderately conservative approach in the budgetary system while fulfilling all our commitments to citizens."

Bureaucracy in social institutions must be reduced: "Healthcare and education must streamline reporting and documentation so that doctors, teachers, and educators can devote more time to patients, pupils, and students."

Ready to face challenges

"Recent developments show that turbulence in trade, investment, and international relations is becoming more frequent. This is turning into a new reality as the global economy transitions to a new phase."

Middle East

The consequences of the conflict in the Middle East are difficult to predict, but it is necessary to operate under these conditions: "The consequences of the conflict are difficult to assess precisely at this stage. Even those directly involved cannot fully predict how events will unfold."

Some compare the impact of these events to the coronavirus pandemic: "Some are already comparing this with the consequences to the coronavirus outbreak, which significantly slowed development across all regions and continents."

Energy market

Oil prices are rising, and markets remain volatile.

Oil markets could shift in the opposite direction, making it necessary to act with restraint: "We must remain prudent and avoid hasty decisions."

"There may be a temptation to take advantage of higher prices, generate windfall profits, and quickly spend or distribute them, including through increased budget expenditures," but one should not fall for it.