Putin says Russia remains one of the key participants in world trade

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Russian President Vladimir Putin delivers a speech during the St. Petersburg International Economic Forum in Saint Petersburg, Russia, June 7, 2024. /CFP

Russian President Vladimir Putin said on Friday that Russia "remains one of the key participants in world trade" despite the heavy sanctions imposed on the country.

Setting out a host of ambitions for Russia's $2 trillion economy, Putin said the world's second largest oil exporter needed to cut imports, significantly boost the use of non-Western currencies in trade settlement and called for a major expansion of domestic financial markets.

Putin, speaking at the St. Petersburg International Economic Forum, said trade with Asia was soaring and that nearly 40 percent of Russian external trade was now conducted in roubles as the share in U.S. dollars, euros and other Western currencies declined.

Putin said Russia would seek to boost the share of settlements conducted in the currencies of BRICS countries.

"Last year, the share of payments for Russian exports in the so-called 'toxic' currencies of unfriendly states halved, while the share of the rouble in export and import transactions is growing – it is approaching 40 percent today," Putin said.

Russia should reduce its imports by creating competitive production and boosting investment in fixed assets by 60 percent by 2030, Putin said.

He said the idea of moving the headquarters of major companies to regions outside Moscow deserved attention, and called for better professional education to help alleviate a labor shortage.

He added that the value of the Russian stock market should double by the end of the decade and amount to two thirds of Russia's GDP.

(With input from agencies)