Russian economy stable amid sanctions, new supply chains built - Mishustin

MOSCOW. May 30 (Interfax) - Russia has managed to achieve economic stability and balance the ruble exchange rate while building new production and logistical chains, Russian Prime Minister Mikhail Mishustin said at a meeting with his Kazakh counterpart Alikhan Smailov.

"Despite the sanctions war that has been waged against us, we have achieved economic stability, have balanced the ruble exchange rate, have been actively building new production and logistical chains, and are forming the proper conditions for future projects," Mishustin said.

He underlined the particular importance of relations with Kazakhstan for Russia under Western sanctions.

"We sincerely appreciate our friendship, neighborly relations and alliance with Kazakhstan. This is especially important under the current difficult conditions caused by the unlawful unilateral sanctions imposed on Russia by unfriendly states," Mishustin said.

Broader trade and economic cooperation with Kazakhstan is seen as a priority, given that bilateral trade in the first quarter of this year rose by 12.5% year-on-year to around $5.8 billion, he said.

"We are seeing good prospects for the realization of our import-substitution program in sectoral development; the conditions are also there for launching new, strategic joint projects in the industrial sector, machinery manufacturing, transport, energy, and in the digital economy. These topics are under the constant control of our governmental commission for economic cooperation," Mishustin said.

Russia offers Kazakhstan the opportunity to step up inter-regional cooperation and investment, he added. "In my view, the Innoprom [International Industrial] fair, which is due to open this July in Yekaterinburg, would be an additional opportunity. And we are very glad that Kazakhstan is acting as its partner this year."

Many new agreements and commercial contracts will be signed at the fair to ensure further growth in bilateral trade, among other things, the Russian prime minister said. He suggested to his counterpart that they discuss progress in the execution of agreements reached between the two countries' presidents and what specific decisions the governments should make to take bilateral cooperation to the next level.