Moscow-Sana
Russian President Vladimir Putin explained today that Russia's macroeconomic policy has shown its effectiveness amid the pressure of sanctions.
"This policy shows its effectiveness when it is implemented, as we were able to protect the Russian financial system and start stabilizing the situation in the industry by providing targeted social support for citizens," the Russian TASS news agency quoted Putin as saying at the BRICS business forum today.
"The Russian state, first and foremost, focuses on stimulating private initiative, and we are struggling to expand freedoms of enterprise by easing the administrative burden, launching soft loan programs and introducing tax and customs amnesties," Putin said, adding that "we are actively working to redirect our trade flows and foreign economic contacts to International partners can be relied on, first and foremost the BRICS countries.”
Putin had announced earlier today that work is underway to create an international reserve currency on the basis of the BRICS basket of currencies, noting that the Russian financial correspondence system is open to linking the banks of the BRICS countries.
