Rustem Khamitov: "We are moving to other economic frameworks"

A period to reframe processes and to search for new development options – with these words Rustem Khamitov described the current situation in the Russian economy speaking live on Radio Mayak on August 1. Responding to a reporter's question about the sanctions announced by the West against Russia, the head of the republic said that the business community already had an understanding that "it should work with self-reliance".

"We seem to moving to other economic frameworks”, Rustem Khamitov said. “During the last 20 years we are very seriously fused with other countries in terms of importing goods and services. And now we are increasingly able to rely only on our own resources. Certainly it will be quite a difficult transition period, restructuring from one economic development model to another. It will take time to ensure that our businesses have learned to work properly, to produce necessary and important goods for us. However in many industries we already have good examples of import substitution".

Rustem Khamitov spoke about his conversation with CEOs of major petrochemical and chemical plants. They do not see a cause for concern because the equipment they need is produced in our republic and in the country, with a few exceptions.

Nonetheless the head of the republic urges not to oversimplify the situation, and take full responsibility for it in this difficult moment in the life of our country.