Greater freedom for businesses - best response to sanctions, Putin says

Russian President Vladimir Putin (right) meets with members of the  Russian Union of Industrialists and Entrepreneurs (RSPP). (RIA Novosti / Mikhail Klementiev)
Making it easier to do business in Russia and inspire entrepreneurship is the best response to the external challenges including Western sanctions, says President Putin.

It is only through a partnership between the state and business that Russia can overcome the unfavorable economic situation and achieve stable growth, the Russian President said at the Russian Union of Industrialists and Entrepreneurs (RSPP) conference on Thursday. It is impossible to achieve that without trust, common understanding of the nation’s strategic goals and consideration of each other’s interests, Putin added.

It is necessary to demonstrate economic growth in the country, which can be provided by greater freedom of action for the entrepreneurs. That is the best way to make the Western sanctions completely useless, the President suggests.

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While Western countries are aiming to hurt Russia for its independent stance on the peaceful resolution of the Ukrainian crisis they have chosen primarily economic leverage. However, Russia has an internal reserve, including the entrepreneurial potential of Russian citizens, which will help the state not to change its principles.

“I would like to repeat that greater freedom for businesses is the best response to all external challenges and limitations. Therefore, we will continue creating the most favorable conditions for all who are ready to invest in the national economy and industry, into the development of technologies and the creation of jobs,” Putin was quoted as saying by RIA Novosti.

However, he warned businesses that there can be attempts, preventing the return of capital to Russia from abroad. “The situation is such that alarming information is coming from some countries and we are getting the impression that attempts may be made to prevent the return of capital to Russia,” RBC cited Putin as saying. This, according to the president could be linked to limits on the use of capital that is currently in foreign jurisdictions.