1 Aug 2022 09:22

Econ minister calls for system to protect Russian domestic market

YAROSLAVL. Aug 1 (Interfax) - The Russian market needs protection from the aggressive actions of foreign companies, Economic Development Minister Maxim Reshetnikov told reporters after a meeting of the Investment Council of the Central Federal District on Friday.

"We need a very complex and sophisticated system for protecting the domestic market that would, on one hand, attract imports, [...] but at the same time protect the sectors that compete with these imports," Reshetnikov said.

He said some companies are facing competition amid the strengthening of the ruble.

"In conditions of a fairly strong exchange rate for the ruble, businesses are feeling competition. Not always fair, in their view. For example, when someone from among our partners dumps in order to squeeze our companies out of the market," Reshetnikov said, remarking that this is why protection of the domestic market is needed.