Ulyukaev: Russia is not reoriented to the East

Ulyukaev: Russia is not reoriented to the East

MOSCOW, 1 February. Russia is turning East, she just wants to have a more solid basis, said the Minister of economic development of Russia Alexei Ulyukayev at the meeting with the Association of European businesses in Moscow.

“When they say that the Russian economy in response to this (on negative developments with European partners – approx.ed.) reoriented to the East, this is incorrect. We’re reorienting our. We just wanted to have a more solid Foundation for development. Safer and more stable to stand on two legs than on one. This is just a correction of imbalances,” he said.

“The game where everyone loses”

The Minister expressed regret over negative developments with the EU. “The EU is historically the largest trading, economic, investment partner,” – said Ulyukayev.

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All sanctions of the West against Russia

In his opinion, the sanctions and counter-sanctions – “this game is not that zero is a negative amount, in which no scoring, where everyone loses”.

The historical choice in favor of economic ties with Europe as a primary partner is obvious, said the speaker.

“When people talk about which economy is the largest in the world, that China challenges America and so on, it is speaking you forget that the world’s largest economy is the economy of the European Union,” he added, noting that the EU’s share in world GDP – the largest in the world.

“China and America can compete, who is the second”, – said the head of Ministry of economic development.