Russian industries suffocate under increasing import prices

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Vladimir Putin
Vladimir Putin

Price rises on imported components are affecting the ability of Russian firms in all sectors of the country’s economy to remain competitive, President Vladimir Putin told a meeting of legislators in the northern capital St. Petersburg earlier on Monday.
PutinPutin said that the situation was a temporary one and that Russian firms needed to ride out the current storm, adding that recent fluctuations in the Russian currency suggested that the country’s economy was adapting to the new conditions.
The strengthening of the ruble over the last few weeks reflected not only rising oil prices, but also the fact that Russian producers were beginning to adapt to higher import prices, Putin said. Enditem

Source: Xinhua

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