Sanctions forcing Russian economic changes, official says

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Europe

Western sanctions have driven Russia to hasten the improvement of its economic structure, an official said at the opening ceremony of 2018 St Petersburg International Economic Forum on Thursday.

Russia has been forced to adopt measures to reduce its vulnerability to external factors, such as commodity prices and restricted foreign capital flow, said Anton Siluanov, First Deputy Prime Minister and Finance Minister.

He said the sanctions have pushed Russia to carry out structural changes to drive economic growth.

Amid recent trade conflicts and rising protectionism, the three-day annual event is themed with creating an economy of trust and aims at an open and fair international business environment.

Although the global economy has made strides recently, the world is witnessing an upsurge of protectionism, such as sanctions and tariff barriers, Siluanov said.

Russia is committed to improving its business environment to tackle with difficulties generated by the situation, he added.

Several participants of the opening panel also advocated for greater dialogue and trust among the international community.

“As a speech by Martin Luther King Jr said, ‘We cannot walk alone. And as we walk, we must make the pledge that we shall always march ahead. We cannot turn back,’” said Nguyen Van Binh, head of the Communist Party of Vietnam Central Committee’s Commission for Economic Affairs.

This year’s forum has drawn 15,000 participants from more than 100 countries. From Thursday to Saturday, over 90 business discussions on various issues will be held.