Putin: Russia getting rid of 'humiliating dependence' on the West

The decision of many Western companies to leave the Russian market makes Russia start moving to get rid of humiliating dependence, President Vladimir Putin said.

According to Putin, the dependence on foreign technologies is dangerous, since such dependence expands and moves from one area to another, including in critical areas related to military technology.

During his speech at the St. Petersburg International Economic Forum in June, Putin said that the technologies that Russia develops should be better than the technologies of Western countries. He then admitted that absolute import substitution was impossible.

He also pointed out that in the event of the loss of sovereignty, Russia would produce "only oil, gas, stubs, saddles" and "sell round timber abroad."

The issue of access to foreign technologies and products became relevant for Russia after the start of the operation in Ukraine on February 24. The West responded to Moscow with extensive sanctions. According to the Russian Central Bank, the country is in for a period of economic structural transformation.