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Russia’s President Found Benefits in Isolation
Closing certain world markets for Russia’s producers will result in no catastrophe either for the country or for the business, the RF President Dmitry Medvedev announced during the meeting with Russia’s Union of Industrialists and Entrepreneurs.
Medvedev said the isolation will drive up domestic market, although the country’s leadership wouldn’t like the turnover to go down.
Russia’s derives its key budget revenues exactly from gas and oil exports. A number of other industries, including metallurgy, are also the export-targeted.
Medvedev made the statement in a few weeks after it emerged that Russia intended to halt cooperation under certain agreements with the WTO. The WTO is the club of over 150 nations and Russia has been endeavoring to join it for more than a decade.
Under the WTO rules, no country may join the alliance without the sanction of each of its member. But Georgia is in the WTO and the potential membership of Russia there has been questioned anew in time of the clashes for South Ossetia.
Russia will proceed with its WTO efforts, Medvedev said, pointing out that we will be standing for our interests. “WTO isn’t the carrot but rather a set of comprehensive obligations that are imposed on us. And if we assume them, let it be done in the human way instead of scaring us by something that we will undertake in addition,” RIA Novosti reported Medvedev as saying during the meeting with representatives of business community.
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