Putin says Russian export businesses to switch to new markets

MOSCOW

Russian enterprises specializing in exports will switch to alternative markets, President Vladimir Putin said on Thursday, as the country remains under unprecedented Western sanctions over the conflict in Ukraine.

Speaking at a meeting with the government officials in Moscow, Putin said Russia's exporters experience the most pressure as they were oriented for Europe, which is now refusing Russian goods.

He added that industrial production returned to last year's level after four months of decline.

The automotive and metallurgy industries are gradually recovering while the agriculture and construction sectors show some growth, the president said, adding that consumer demand remains low, urging the government to take measures to stimulate it.

Putin warned that the sanctions will increase in the future, and urged them to prepare flexible plans, capable to cope with restrictive measures.

The raft of sanctions imposed by the West on Moscow include curbs on high-tech trade, ban on Russian oil, coal and gold imports, and suspension of major Russian banks from the SWIFT payments system. Russian ships and planes are also prohibited from entering Western ports and airspace.

But as a result, global economies are also struggling with high inflation and skyrocketing energy prices.