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Russia-China partnership reduces ‘imported’ inflation caused by US-Iran conflict

VTB First Deputy President and Chairman of the Management Board Dmitry Pyanov noted that the situation in the Middle East had become one of the factors behind the current annualized inflation rate reaching about 2% at the end of April

MOSCOW, May 26. /TASS/. Russia’s foreign trade partnership with China gives the country the advantage of lower "imported" inflation, which is particularly important amid escalating tensions on the global energy market caused by the Middle East conflict, VTB First Deputy President and Chairman of the Management Board Dmitry Pyanov said in an interview with TASS ahead of the St. Petersburg International Economic Forum (SPIEF).

"Some economic agents are concerned that the Middle East conflict and a prolonged period of high oil prices could lead to ‘imported’ inflation. In other words, global growth in resource prices could drive up the cost of goods purchased by Russia," he added.

Pyanov noted that the situation in the Middle East became one of the factors behind the current annualized inflation rate reaching about 2% at the end of April.

"Since 2022, Russia has reoriented its foreign trade, with China largely replacing the EU. China’s sensitivity to oil price fluctuations is lower thanks to its broad diversification of energy sources. For example, post-COVID inflation in Europe was around 10%, while in China it was 2%. In other words, the ideal nature of the partnership with China also lies in lower ‘imported’ inflation," he explained.

The St. Petersburg International Economic Forum will take place on June 3-6. The forum’s program will focus on shaping a new model of global development amid the transformation of the world economy.

The forum is organized by the Roscongress Foundation. TASS is the general media partner.

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