Putin urges gov't to propose reforms for overcoming sanctions

MOSCOW

Russian President Vladimir Putin said on Tuesday that sanctions against Russia will last long, urging the government to carry out medium- and long-term reforms aimed at "ensuring the strategic goals of the country's sovereign development."

Speaking at a videoconference meeting of the State Council Presidium on the development of the Russian industry in conditions of sanctions pressure, Putin said restrictive measures affected many sectors of the Russian economy.

Putin said the Russian government managed to ensure economic stability, however, along with the measures to replace imported technologies and products, the Russian industry needs changes that will lead to economic development.

He mentioned, as one of the measures, tax incentives for buyers of Russian high-tech equipment, noting that the process must be fully transparent to prevent any corrupt elements.

Putin asked the officials of all levels to prepare suggestions and get the government's approval for the reforms in the shortest possible terms.