Vladimir Putin

Moscow, (IANS) : The Russian economy is an integral part of the global economic system and should not develop in isolation from it, President Vladimir Putin has said.

“We have never believed and we should not believe that we must develop our economy in isolation from the global economy. The Russian economy has already become an integral part of the global one and it should develop this way,” Putin said at a meeting with the workers of the Chelyabinsk Pipe-Rolling Plant on Monday evening, Xinhua reported.

He added that import substitution is more beneficial for the country and contributes to creating new workplaces and high-tech production.

Putin urged the Russian Export Center to work effectively to support the country’s export.

The Russian economy suffered a setback in 2014 as a result of Western economic sanctions and low global oil prices. The ruble lost about half of its value against the U.S. dollar, and the country’s GDP fell significantly.