Unprecedented Sanctions Against Russia Will Increase, More Must be Done to Adapt the Economy to the New Conditions
The sanctions that have been imposed are unprecedented, and they are affecting a large part of the economy. Countries that have imposed sanctions against Russia account for 56% of exports and 15% of GDP is at risk. […] There are plans to increase sanctions even further with the EU looking to reduce the purchase of Russian oil by up to 90% by the end of 2022. The EU plans to abandon Russian gas completely by 2027. […] The enormous task of adapting the entire structure of the economy awaits us. The main challenge will be to ensure the economy is restructured, which is something we haven’t succeeded in doing for many years. […] We are now faced with this huge challenge: to finally make the transformational leap we’ve been trying to make for decades, and to do it in different macroeconomic conditions — Herman Gref, Chief Executive Officer, Chairman of the Executive Board, Sberbank.
We have no other choice but to restore the old economic structure. If we do not restore the old [economic structure – Ed.] now, there will be nothing left to build a new one with — Alexey Mordashov, Chairman of the Board of Directors, Severstal.
The structure of the economy will change. We really can efficiently produce and supply minerals, metals, chemicals. […] We need to keep doing what we are capable of doing efficiently and look for partners to import machines and equipment. Yes, it will shrink, and we will develop our own technology, but that doesn’t mean that we’ll be able to produce all the technologies we need for a market of 220 million people, if we take the Eurasian space — Maksim Reshetnikov, Minister of Economic Development of the Russian Federation.