Economic integration

“We are studying the signing of an economic integration agreement with the United Arab Emirates” – Middle East Monitor

Russian President Vladimir Putin announced Friday that Moscow is considering signing a economic integration agreement with the United Arab Emirates (UAE), as well as the signing of a free trade agreement with Egypt, Indonesia and Iran.

The announcement came during a speech on Friday to the Supreme Eurasian Economic Council, made up of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

Putin added that the Russian government is trying to meet the food needs of Russian citizens, which have decreased due to sanctions, noting that the West is clearly hostile to Russia.

He stressed the importance of developing commercial transactions in national currencies with “friendly countries”, stressing that this would enable European Union (EU) countries to reduce their dependence on Western countries.

The Russian president had previously confirmed that the sanctions imposed on his country had hurt Western countries more than Russia, which he said was flexible in the face of “external challenges”.

The United States and Western countries imposed unprecedented sanctions on Russia after Putin ordered his forces to invade Ukraine on February 24. Sanctions are ongoing.

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