Russian Prime Minister admits to “certain slump” in Russian economy

ROMAN PETRENKO – MONDAY, 4 JULY 2022, 21:45

Mihail Mishustin, Prime Minister of the Russian Federation, admitted to a "certain slump" in the Russian economy in the fifth month of Russia’s war against Ukraine and of Western sanctions against Russia.

Source: Meduza, an independent Russian news website, quoting Mishustin’s statement at an industrial exhibition

Details: The head of the Russian government said that "there is a certain slump in some sectors", but noted that it was not to a "critical point".

Mishustin said that moving forward, the Russian economy has to "shift from a catch-up model of development to an outperforming one."

Quote from Mishustin: "We’ve made good progress and in many ways this has allowed our industry to hold out [against the Western sanctions - ed.] and to avoid any sort of dramatic scenarios which our opponents forecast and expected.

Yes, some sectors are seeing a certain slump, but nowhere have we approached a critical point. Quite the contrary, we are seeing an increased growth in the electronic, pharmaceutical, and other sectors."

Earlier: In May, Vitaliy Savelyev, Russia’s Minister of Transport, said that the Western sanctions have "virtually wrecked all logistics" in Russia.