Russia Becoming Biggest Economy of Europe, Presidential Aide States

Russia has become one of the biggest economies of Europe, and is challenging Japan for fourth place in the world, Russian presidential aide Maxim Oreshkin stated.

"China has become the leading economy, and Russia has become the largest economy in Europe, which is already closely following Japan in the race for fourth place. And Asian economies have risen very seriously in the ranking. India took the third place, Indonesia rose to the seventh and in the near future will begin to take the position of Germany, which occupies the sixth place," Oreshkin said in an interview with the Expert magazine.

Oreshkin also elaborated on the diminishing role of the economies of the US, Japan and European countries.

"The so-called economies of the Global North — the US, Japan, the EU — are slowly losing their role, their importance... We see the growing instability of the economies of the Global North. It is enough to recall the honest speech [by European foreign police chief] Josep Borrell on the role and factors of the economic prosperity of the European Union. He directly said that all prosperity was based on two prerequisites: comfortable access to energy resources from Russia and the use of cheap production in China. Plus, European companies used the markets of Russia and China, which provided sales volumes," Oreshkin said in an interview with the Expert magazine.

The economy is not the only factor of instability in the Global North, the official said.

"Social factors are very strong, which manifest themselves in the growth of stratification and inequality of opportunities... Social factors generate political problems in the countries of the Global North. We see a very serious political polarization, the growth of right-wing parties and their ratings," Oreshkin added.

Russia Resists Western Sanctions, Recovering From Economic Blow: Kremlin

19 November 2023, 11:27

The US and its allies have imposed over 15,000 sanctions against Russia since the beginning of the Russian special military operation in Ukraine. The sanctions are directed at the energy, agricultural, and fertilizer exports of Russia, as well as its imports of high-tech and manufactured goods.

Moscow in its turn has realigned its cooperative efforts towards nations of the Global South, and, although there was a threat of collapse of the Russian economy due to the unprecedented weight of the punitive measures, the country managed to stabilize the situation and get on the growth track. However, in September, during the Eastern Economic Forum, Russian President Vladimir Putin stated that while Russia should be self-sufficient, this does not imply isolation.

Moreover, as of July, Russia's external debt had decreased by $33 billion, reaching $347.7 billion, its lowest level since the conclusion of 2006, according to the Central Bank of Russia.

Later in August, the World Bank released a report stating that Russia's wealth, measured in terms of purchasing power parity, surpassed $5 trillion by the end of 2022. This milestone positioned Russia ahead of the three largest economies in Western Europe: France, the UK, and Germany.