Putin: Less red tape & better business environment Russia's best response to Western economic war

RT
Wed, 24 Apr 2019 16:24 UTC

© Reuters / Maxim Shemetov

The most important task for Russia should be a change in the structure of its economy to ensure development for the country's future, said President Vladimir Putin at a meeting of the council of legislators in St. Petersburg.

According to Putin, that will help to quickly and effectively deal with all existing challenges.

"There can be only one effective response to all external constraints, which is less bureaucracy and creating conditions that are attractive for business development," said the Russian president.

Putin added that attracting investment is one of the major tools to resolve economic issues. It is also necessary to increase productivity, he said.

Comment: Putin is also directing the Russian Central Bank to increase its holdings of gold. It has purchased 56 tons of gold in the first 3 months of 2019 alone. Sanctions from the US have led Russia to reduce its dependence on the petrodollar and to diversify its foreign reserves. Were the anti-Russian sanctions meant to strengthen the Russian economy? That's what it's doing.