Russia, Putin courts the oligarchs and announces measures

“Euro countries talk about collapse of our economy but their inflation is higher”

Vladimir Putin courts the oligarchs. In a speech before the Union of Industrialists and Entrepreneurs, the Russian president guaranteed the “government support in all ways to responsible businessesto those who are ready to fight for their cause, for the well-being of their group, the people who work for them, for the well-being of all Russians.”

The Kremlin is therefore committed to helping companies that focus on sustainable development for years to come, rather than short-term results, must and will have support, Putin added, as if to anticipate difficult moments.

Businesses, Putin summed up, which have a “strategic vision for the future”. The Russian president also spoke of the gradual reorientation underway to reach developing markets, a process that started even before the “special military operation”. Russia, he said, managed to compensate for the closure of Western markets in this way.

Putin has anticipated that Russia will take steps to block the distribution of dividends for the West in response to the Russian asset freeze. It is a decision “dictated by the need to safeguard the interests of our economy and our businesses”. The Kremlin leader stressed that Russian authorities will seek to correct the measure where it limits the ability of friends and partners to continue their operations in Russia. Putin then said he knows for sure that many Western companies want to return to the Russian market, which many did not want to leave in the first place.

The Russian president claims that Russia has many friends in Western countries. “Countries are made up of populations, people, and we have many, many friends in these countries, really many,” he said in his speech to the Union of Russian Industrialists and Entrepreneurs. This favorable attitude is very different from that of the so-called ruling elites of the countries, she said, as reported by the Tass agency.

Putin met with the oligarchs and the Russian business elite to invite them to invest in new technologies, enterprises and production plants in order to get the better of those who want to destroy the Moscow economy. It’s the first time the president has met with Russian billionaires and the corporate world since he launched the invasion of Ukraine.

Many Russian oligarchs have been subjected to Western sanctions, but Putin explained to them that he had no choice but to proceed with the so-called special military operation in Ukraine. Russia, he continued, is facing a “war of sanctions”, but is rapidly reorienting its economy towards “friendly countries”.

The Kremlin leader also said that eurozone countries are trying to convince everyone of an imminent collapse of the Russian economy while their inflation is higher than Russia’s, Putin said, quoting Mark Twain and his famous phrase “reports of my death are greatly exaggerated.” Domestic demand in Russia is growing well and will continue to do so sustainably and stably, he added.