Russian Finance Minister Anton Siluanov has claimed that Western sanctions will not hinder Russia’s foreign trade. Speaking in an interview with Nailya Asker-Zade on the Rossiya-24 TV channel on Thursday, Siluanov noted that despite the restrictions, the country’s trade dynamics remain strong. He stated:

Russia’s trade turnover has been increasing, improving recently. Imports have grown in recent months.

Highlighting the resilience of trade participants, he noted: “Despite all restrictions, the participants of foreign trade transactions, foreign trade activities will still find possibilities to pay for supplied or acquired goods. So, no restrictions being imposed will limit foreign trade.”

Siluanov criticized Western countries for implementing measures that he believes primarily harm their own economies. “All restrictions that Western countries impose affect themselves in the first place,” he stressed. Despite facing over 2,000 restrictions, Siluanov said: “The Russian economy, which has seen more than 2,000 various restrictions imposed against it, is on the rise. This year, the economic growth dynamics will be around 4%, whereas the dynamics in the West is around zero, 0.1% at best.”

The Russian official also addressed efforts within BRICS to establish alternatives to Western financial systems, calling it a key focus for the bloc. “We spoke about modernization of financial infrastructure in general. The issue is both about payments and the creation of depository links, the issue is both about creating insurance and reinsurance in foreign trade. This is why the creation of such a trans-border mechanism with the use of digital financial assets is only one of the elements,” he explained. Moscow’s initiative, he said, “will be considered as one of the most important issues on the BRICS agenda.”

Sanctions imposed on Russia have significantly restricted its access to international financial systems, including being cut off from SWIFT, the global messaging network for cross-border payments. This exclusion has disrupted Russian banks’ ability to facilitate international trade and financial transactions, particularly with Western nations. Additionally, bans on the export of critical technologies and goods to Russia have targeted sectors like energy, defense, and high-tech industries, while import restrictions on Russian oil, gas, and other commodities have further isolated its economy. However, Russia has sought alternative systems, such as China’s Cross-border Interbank Payment System (CIPS), and expanded trade with non-aligned nations to mitigate these impacts.

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