(Reuters) – Russia must use its budget to support the economy and liquidity in conditions of contracting lending activity, even as central bank rate cuts make borrowing cheaper, President Vladimir Putin said on Monday. .
Putin, speaking to government officials via video link, stated that Russia must speed up the process of using national currencies in foreign trade under the new conditions.
Russia’s economy has been hit by unprecedented Western sanctions that seek to punish Moscow for what it calls a “special military operation” in Ukraine, which began on February 24.
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