Putin promises government support for Russian businesses to defy sanctions pressure

Russian businesses facing “external restrictions” can rely on government support while competitors try to hide behind the “political screen,” said Russian President Vladimir Putin to the country's business leaders on Wednesday.

“The support of domestic business, increasing its capabilities is one of the most important tasks, especially today, when Russian companies are facing certain external restrictions," Putin said during the meeting in Moscow.

Referring to Western sanctions, the Russian president stressed that the Kremlin sees foreign players trying to hide behind the “political screen” that they use “in unfair competition, elimination of rivals and division of markets.”

To address those challenges Russia needs to boost its industrial development and strengthen its scientific and technological base, according to Putin. He promised that the Russian government will continue to support the country's exporters, especially in non-resource sectors, like high-tech and agriculture.

At the same time Moscow is not going to build barriers for international economic cooperation and isolate itself, stressed the Russian president.

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