- Russian Foreign Minister Says Moscow Has Strengthened Economic Ties with Global Markets, Particularly in Asia
MOSCOW: Russian Foreign Minister Sergey Lavrov has asserted that Western sanctions imposed on Russia have inflicted substantially greater economic damage on European economies than on Moscow, contributing to inflation in the United States and declining living standards in several countries.
In an article titled “The Impact of the Global Economy on International Security,” published in the Russian newspaper Kommersant, Lavrov argued that the European Union’s decision to sever longstanding economic ties with Russia had proved costly for European economies.
He recalled that the European Union had previously been Russia’s largest economic partner, accounting for up to 40 per cent of its foreign trade. However, he said Brussels had chosen to dismantle these economic relationships, disregarding obligations arising from long-term contracts with Russia.
According to Lavrov, European leaders had openly described their overriding priority as punishing Russia, while failing to acknowledge the economic consequences of their sanctions policy.
He maintained that the sanctions had generated losses running into trillions for Europe, contributed to inflationary pressures in the United States and weakened living standards in several countries, particularly across the European Union, where public dissatisfaction and protests had increased.
Russia Redirects Trade Towards Global Markets
Lavrov maintained that Russia had avoided significant economic losses by successfully redirecting its international trade towards markets in the Global Majority, particularly in Asia.
He stated that approximately 80 per cent of Russian exports were now absorbed by Global Majority markets, with Asian countries accounting for around 70 per cent.
The Russian foreign minister presented this realignment as evidence of Moscow’s ability to adapt to changing international economic conditions and establish alternative trade partnerships despite extensive Western restrictions.
Moscow Highlights Energy Supplies to Europe
Despite the deterioration in political and economic relations, Lavrov emphasised that Russia continued to regard itself as a reliable international supplier of energy resources and other essential commodities.
He stated that Russia had supplied Europe with energy resources worth approximately $320 billion since 2022, underscoring the continuing significance of Russian energy in the European market.
Lavrov also highlighted Russia’s role as a supplier of hydrocarbons, food products, fertilisers and, increasingly, digital technologies.
He argued that Moscow did not use economic relations as an instrument for settling geopolitical disputes or pursuing competitive political objectives, contrasting Russia’s stated approach with that of its Western opponents.
His remarks reflect Moscow’s broader position that the restructuring of international trade and the expansion of economic partnerships beyond traditional Western markets have strengthened Russia’s capacity to withstand sanctions and adapt to the evolving global economic order.
BY: The Times Union – TASS
