Initial restructuring of Russian economy to take around two years if current sanctions remain in place - Kudrin

MOSCOW. April 13 (Interfax) - The restructuring of the Russian economy will take no less than two years for the first stage against the backdrop of the existing sanctions and will on the whole require many years, Accounts Chamber chief Alexei Kudrin told reporters on Wednesday.

"Of course, our economy will have to restructure itself, and it seems to me that this needs to be divided into medium term and long term. If sanctions remain at this level, then about two years [will be required] for restructuring, no less. This is, I would say, the first stage, and on the whole, it will further have to restructure itself over the course of many years," Kudrin said in response to a question on how much time will be needed for the Russian economy to restructure amid sanctions.

This means import substitution of a whole number of imported goods, Kudrin said. "And this can't be done immediately, it touches on development of new technologies, and investments, and building new enterprises that will provide for partial substitution," he said.

"No one is talking about complete substitution. We are within the world market, we will undoubtedly have contacts with other jurisdictions compared to those that previously supplied us. A number of markets are still open, including high-tech ones. We will complement each other," Kudrin said.

"I heard what the president said, and yes, some of them will have the ability to return. I hope that no measures will be taken to obstruct their return," Kudrin said when commenting on the likelihood of companies that have had to suspend their activities in Russia returning to the Russian market.