Russia will continue to be squeezed out of sales markets; this must be considered when planning the budget - Mishustin

MOSCOW. Sept 14 (Interfax) - The Russian economy remains stable amid the sanctions, though attempts to squeeze Russian exports out of their usual sales markets will continue; and this must be taken into account when planning the budget, Prime Minister Mikhail Mishustin said on Wednesday at a meeting on the draft federal budget.

Mishustin said that the budget would have to be formed amid unprecedented external restrictions and changes in global markets.

Mishustin also stressed that the measures taken by the government and the Central Bank of Russia (CBR) have rendered it possible to maintain financial stability.

"We have not allowed the Russian economy to become rickety." he said.

Mishustin said that the dynamics of Russia's GDP and investments exceed expectations, the unemployment rate is low, and inflation is gradually decelerating. "Though the most important aspect is that there is a revival of primarily domestic consumer demand," the prime minister said.

"The risks, of course, have remained. The collective West has thus far not been able to turn our country off from the global economy, and attempts have led to very high prices on the global market, and to concerns about how the next winter will pass. However, it is obvious that squeezing us out from the usual sales areas will continue. This must be considered when drawing up plans for the future, not forgetting about our own strategic tasks formulated by the president as part of the national development goals," Mishustin said.

The prime minister said the authorities would continue to adapt and restructure the Russian economy, to support reorienting exports in order to expand interaction with "friendly" countries, to build production chains within the country, and to seek increasing the level of technological and economic sovereignty.

"This development path is more beneficial to us in the medium and long term than maintaining the previous configuration. It opens up great opportunities for growth in domestic production, for attracting capital to the Russian jurisdiction, and also for solidifying our own scientific and technological base," Mishustin said.