UPDATE: Putin says Russia achieves macroeconomic stability

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ST. PETERSBURG, May 25 (PRIME) -- Russia has achieved macroeconomic stability despite external challenges, which is important for investors, President Vladimir Putin said Friday at the St. Petersburg International Economic Forum.

“Despite all turbulent processes, after all, everyone already knows it well, we achieved macroeconomic stability, which is important for investors,” Putin said.

Putin also said that Russia expects that French companies will develop in the country and receive profit.

The president called for fighting economic separatism in the world.

“It is absolutely clear that we have to work on the capacity of own markets, it is necessary to develop cooperation, integration, we need to resist the closure of markets, because any kind of economic separatism in this sense, does not lead to anything good,” Putin said.

Russia will continue to provide incentives and financial aid to projects which it believes to be important, Putin also said.

“And finally direct financial support and incentives to those projects which we believe to be nationally important. All this will be done,” he said.

The Russian government will reduce administrative pressure on business, Putin said.

“We will reduce administrative barriers and administrative pressure on business. We have what to work on, actually, this is not only our problem – in many countries of the world, I know, business faces it.”

The government is currently preparing some tax changes which will stay in force during six years once being introduced, Putin also said.

Russia will not halt gas transit through Ukraine if it is economically feasible, the president also said.

“I’ve already said and want to repeat once again: we do not plan to close transit through Ukraine if it is economically feasible. We are ready for talks with our Ukrainian partners,” Putin said.

Russian pipeline systems do not have competition on the European market in terms of gas price for consumers, Putin said.

“All our pipeline systems connected with main consumers in Europe almost do not have competitors. Of course, only if Europe seeks to remain competitive and does not want to buy from other producers at excessive prices.”

Russia is ready to expand the list of participants of the Nord Stream-2 gas pipeline project by adding more European companies.

“French company Engie participates in the Nord Stream-2. We will welcome other participants, including Total. We can expand this list by adding other European companies, because this project is in fact all-European,” Putin said.

Russia will think over liberalization of the current system of access to gas exports to Europe, Putin said.

“We will of course think over liberalization. At present, five European companies take part in the Nord Stream-2 project. If Total becomes the sixth – this is direct participation in transportation. But we can talk about it, discuss. This will be done sooner or later,” he said.

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