Russian Economy and International Relations

SOURCE www.cnbc.com
Russian President Vladimir Putin discusses the shift in Russia's trade turnover towards the ruble and away from 'non-friendly' Western currencies at the St. Petersburg International Economic Forum (SPIEF). Putin plans to boost settlements in BRICS countries' currencies and overhaul Russia's financial market. Despite Western sanctions in response to Russia's invasion of Ukraine, Russia's economy is expected to outgrow advanced economies.

Key Points

  • Shift towards ruble in trade turnover
  • Plans to boost settlements in BRICS currencies
  • Economic growth despite sanctions
  • Tensions with Western countries

Pros

  • Increase in trade conducted in rubles
  • Plans to boost settlements in BRICS countries' currencies
  • Expected growth of Russia's economy despite Western sanctions

Cons

  • Tensions with Western countries due to invasion of Ukraine
  • Threats of supplying long-range weapons to unspecified actors for strikes against the West