Overchuk: EAEU countries develop dynamically despite sanctions
Despite Western sanctions, the countries of the Eurasian Economic Union are developing dynamically – as stated by the Deputy Prime Minister of Russia, Aleksei Overchuk, at an opening ceremony of 16th Verona Eurasian Economic Forum in Samarkand (Uzbekistan)
“Despite the sanctions, not only the economy of Russia – but also of the countries that maintain allied relations with it – is growing. In Belarus, which is also under sanctions, the economy has entered the stage of steady growth in 2023. Inflation is also decreasing: in 2022, it stood at the 12.9 percent level among the five EAEU member states, while making 19.3 percent in the EU. Moreover, in Lithuania, Latvia and Estonia, it ranged from 30 to 38 percent. At the same time, in the post-Soviet countries friendly to Russia, inflation was at the level of 6.6-20.3 percent. Within the EAEU, we fully provide ourselves with food and energy security, stimulate the development of technologies. 90 percent of trade in goods is conducted in national currencies. We have all the necessary natural resources for further development," Mr. Overchuk said.
The Deputy Prime Minister added that, over the past year, sanctions did not manage to break the Russian economy: they rather made it stronger, “In the conditions of sanctions, the Russian economy has learned not just to survive and live, but to develop. Sanctions have become a powerful impetus for the development of the economy. In nine months, GDP grew by 2.8 percent, and quality of this growth is important.”
Speaking about the forum, Mr. Overchuk noted that there will be a discussion on a wide range of issues, “There is little room for optimism. Exactly a year ago, the forum left Verona and began its journey. Last year, it was held in Azerbaijan, which is one of the main points of the North-South corridor. This year, the forum is taking place even further from Europe, and this is symbolic. Europe and Russia have become even further apart over the past year. In one year, we have managed to turn our economy to the East. Nevertheless, we are open to co-operation and hope that there is still some common sense in Europe.
