Moscow: Russian Deputy Prime Minister Alexei Overchuk stated on Wednesday that the Russian economy has turned eastward, with approximately 87 percent of trade now conducted with non-Western countries, compared to 40 percent five or six years ago.
According to Yemen News Agency, Overchuk said in a televised interview, "The Russian economy is turning eastward, towards the Global South, towards emerging markets." Over the past five or six years, our economy has shifted eastward, and today, roughly 87 percent of our trade, in terms of physical volume, is with non-Western countries. This figure was only about 40 percent five or six years ago.
Overchuk explained, "This shows that our business sector has adapted and changed its compass. Our entire transport, logistics, and financial systems have been reoriented (eastward)." He further noted that Russia finds itself in a new situation and feels comfortable working with partners eager to collaborate.
On December 2, Russian President Vladimir Putin announced that the Russian financial sector had successfully restructured its operations, replacing unreliable external sources of financing with domestic ones, indicating that the Russian economy was coping with external pressures. Speaking at the plenary session of the 'Russia Calling!' investment forum, held by VTB Bank in Moscow, Putin highlighted the successful restructuring and emphasized the replacement of external funding with local sources.