If Europe approves economic sanctions, Russia can minimize the damage by turning to other markets, Prime Minister Dmitry Medvedev said. "The European Union is our most important market today. I will repeat, we will not initiate a reduction in economic ties. That isn't in our interests. We have trade with them totaling $400 billion," Medvedev said in a report to the State Duma on Tuesday.
However, if Russia's Western partners commit such an error, "intensive work on other markets will allow us to minimize the damage," he said.
In order to resolve the task of developing the Far East and attaining economic growth in the regions there, the potential of the Asia-Pacific market must be utilized in full measure, Medvedev said.
Russia and West may continue exchanging 'blacklists', but it is 'absolute deadend' - Russian PM Medvedev
The continuation of exchange of blacklists in the wake of the incorporation of Crimea into Russia will result in an absolute deadlock, said Russian Prime Minister Dmitry Medvedev. "Of course, we can continue swapping blacklists but I do not even consider it necessary to prove now that this is an absolute deadlock," he said while presenting a government report to the Duma on Tuesday.
Russians will not suffer because of Western sanctions - PM Medvedev
Russian Prime Minister Dmitry Medvedev has promised that Russian citizens will not become hostages to any political games and sanctions on the part of Western countries.
"Will our citizens suffer because of these infamous sanctions? We will not allow this to happen. Our citizens will not become hostages to any political games," Medvedev said in the State Duma on Tuesday. It has taken the world quite long to learn to agree on the most important international issues and formulate universal rules, he said.
"And today certain basic values of the global world such as, for example, the freedom of movement are being called into question," the Russian prime minister said.
Breach of contract on the part of international payment systems should not go unpunished, Russian Prime Minister Dmitry Medvedev said in the State Duma. "Foreign partners have cut some Russian banks off from international payment systems. This is of course in breach of the corresponding contracts with these systems. And I consider it should not go unpunished, and that we need to use our powers and means to bring the relevant foreign partners to their senses," he said.
Russia will not allow anyone's 'unfriendly actions' to damage its defense industry - PM Medvedev
"Can our defense and our security suffer? They will not suffer. The defense sector has always been our national pride, and the defense industry has regained its footing in the past few years. We will not allow it to grow weak as a result of someone's unfriendly actions," Medvedev said in the State Duma on Tuesday.
Global crises highlight vulnerabilities of Russian economy - Medvedev
Insufficient diversification stops the Russian economy from achieving and maintaining high growth rates, said Russian Prime Minister Dmitry Medvedev.
"The last year was not easy for Russia, with pressure coming both from economic and political factors. The bad situation on global markets remained almost throughout 2013," Medvedev said during a government report to the State Duma.
While Russia inevitably felt the impact of the negative trends, it was not catastrophic, he said.
Nevertheless, global processes highlighted the most vulnerable spots of the Russian economy, the structural and institutional limitations which have piled up for decades, he said.
"These are primarily the insufficient economic diversification, low investment activity, public administration institutions falling short of modern quality standards. All this has so far prevented us from achieving and maintaining high growth rates," Medvedev said.
Russian govt can minimize consequences of sanctions for economy - PM
Western sanctions due to Ukraine will have limited impact on the Russian economy, Russian Prime Minister Dmitry Medvedev said. "I'm sure we'll be able to minimize their consequences," Medvedev said, giving a report to the State Duma. "The government is prepared to act in the new conditions, when the priority is turning into protecting the economy and citizens from unfriendly actions which could ensue from the escalation of the external political situation," he said
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