Russia Won't Close Doors for Foreign Companies Willing to Return: Putin

Russia never expelled anyone from its market — everyine has the right to choose, Russia President Vladimir Putin told the plenary session of the St. Petersburg International Economic Forum (SPIEF) on Friday.

If foreign companies want to return to Russia, we will not close doors for anybody, we will create conditions, the Russian leader said, adding that Russia is not afraid of competition with foreign brands, but will certainly take into account the peculiarities of the behavior of some of these partners for the future.

"Many foreign brands have been selling products that are fully manufactured at our facilities for a long time. In fact, these are Russian goods, only with foreign logos, so their production will not stop with the departure of trademark owners, only the logo changes, and the profit from this business remains in our country," Putin explained.

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Putin also said that inflation in Russia was much lower than in many Western nations, and, in fact, closer to the histotical minimum of 2.9%.

"We have maintained a responsible, balanced budgetary and monetary policy. Their effective combination made it possible to reach the minimum figures of unemployment, as well as inflation, which is now lower in Russia than in many Western countries — both in the eurozone and in other regions — and is close to the historical minimum, is 2.9%," Putin said.

Multipolar World Order Strengthening

During his address, President Putin said that the strengthening of the multipolar world was an inveitable process, noting how Russia's trad has increased with the nations that did not succumb to severe pressure.

"The inherently ugly neo-colonial world system has ceased to exist, and the multipolar world order is being strengthened. This is an inevitable process,” the Russian leader said.

Russia Must Increase Defense Spending to Ensure Country's Security

Russia must to increase spending on strengthening the defense and security of the country, this must be done to protect sovereignty, Russian President Vladimir Putin said on Friday.

"Naturally, additional funds were needed to strengthen defense and security, and to purchase weapons. We must do this to protect the sovereignty of our country. I must say that in general, and it justifies itself, including from an economic point of view," Putin said.

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Russian Defense Industry Enterprises Work in Double, Triple Shifts

The Russian defense industry enterprises are working double and triple shifts, President Vladimir Putin said on Friday, adding that production of weapons increased by 2.7 times.

“We have increased the output of military products by 2.7 times, and when it comes to the most needed equipment, [production] increased by 10 times, enterprises work in double or triple shifts,” Putin said.

"Soon Ukraine will stop using its own equipment at all, there is nothing left. Everything with which they fight, everything they use, is brought from the outside. You cannot win with that," Putin added.

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On Western Sanctions

Those who try to artificially limit something suffer first of all from this, sanctions do not interfere with our development;

Making some countries blindly follow the interests of others in the modern world is difficult, and sometimes impossible;

The West has brought itself to a sharp increase in inflation, pouring money into its economy, and now they are trying to cover up their mistakes with Russia;

Information blockade is used in the fight against Russia;

Any non-market restrictions in world trade are counterproductive;

Restrictions affect world markets and prices, OPEC+ makes decisions that minimize the consequences of negative influences;

The Russian oil and gas market is in good condition and has promising development;

In some cases, discounts on Russian energy products are minimal, while in general sales volumes are large, there is no catastrophe;

Restrictions on the sale of Russian energy resources are forcing Russian companies to act more professionally, for example, to process them.

Russia Won't Close Doors for Foreign Companies Willing to Return: Putin at SPIEF 2023

Multipolar World Order Strengthening

Russia Must Increase Defense Spending to Ensure Country's Security

Russian Defense Industry Enterprises Work in Double, Triple Shifts

On Western Sanctions