Rosatom Says Conditions For Promoting Russian Technology Globally Worsened In 2017

Russia's state nuclear corporation Rosatom said in its fresh report that the company had found it harder to promote Russian nuclear technologies on global markets in 2017 and vowed to work on minimizing risks amid increased attempts to disadvantage the Russian nuclear industry.

MOSCOW (UrduPoint News / Sputnik - 13th August, 2018) Russia's state nuclear corporation Rosatom said in its fresh report that the company had found it harder to promote Russian nuclear technologies on global markets in 2017 and vowed to work on minimizing risks amid increased attempts to disadvantage the Russian nuclear industry.

"Not only did the competitors use significant financial resources and state support, but also attracted non-governmental organizations and private businesses. [We noted] increased attempts to use international platforms to amend existing and emerging international norms and guidelines in the field of nuclear energy that could negatively affect Russian nuclear industry," the company said in its annual report.

Rosatom's Deputy Director General for International Relations Nikolai Spassky explained how the company was planning to minimize risks related to existing problems.

"First of all, we must enter the global market with a proposal, primarily one for price, quality and timing, that our competitors do not have. The best insurance against discriminatory measures against you is to be indispensable," Spassky said.

In addition, the official said that the company's commitment to its promises, notwithstanding the political situation, adherence to international norms in the nuclear sector and clear statement of bilateral obligations in international projects, were prerequisites for successfully overcoming the challenges Rosatom faced.

The United States, EU member states and a number of other Western nations introduced their sanctions against Russia in 2014, citing Moscows alleged involvement in the military conflict in Ukraines eastern Donbas region and Crimea's reunification with Russia as a result of a referendum. Russia has denied having a role in the conflict and said that the Crimean referendum had been held in line with international law. Moreover, Moscow imposed a food embargo on products from the states which had targeted it with restrictions.

The West's anti-Russia sanctions have significantly expanded since then, targeting major private and state-owned companies as well as senior businesspeople and officials.

Rosatom has not been directly targeted by the foreign restrictions. However, the company's CEO, Alexei Likhachev, has been featured on the so-called Kremlin list, which included Russian businessmen who could potentially be sanctioned. At the same time, several of Rosatom's partners face foreign pressure with regard to their cooperation with the Russian company.