Russian President Vladimir Putin promises to overcome the “colossal” high-tech problems facing the country due to the advent of unprecedented Western sanctions on Ukraine.
The head of the Kremlin says that the West has imposed sanctions to cut Russia off from high-tech products in order to stop the country’s development.
“This is a huge challenge for our country,” he said at the meeting.
“Being aware of the huge number of difficulties we face, we will vigorously and competently look for new solutions.”
He says Russia would also use “sovereign” technology and products from innovative domestic companies.
Putin also says that many fast-growing Russian companies, such as the Ozon online store and the technology company Yandex, have been cut off from Western funding due to sanctions.
He says Russia needs to quickly create alternatives so that such companies can obtain the necessary funding domestically and continue their development.
– I look forward to the detailed proposals of both the Ministry of Finance and the Bank of Russia – adds Putin.
A number of leading technology companies, including Apple, Microsoft and Intel, suspended their activities in Russia or left the country altogether after Putin dispatched troops to Ukraine on February 24, leaving Russia with no domestic alternative.
