Putin Briefed About $9.9Bln Investment In Russia's Import Substitution In 2018 - Kremlin

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Putin Briefed About $9.9Bln Investment in Russia's Import Substitution in 2018 - Kremlin

Russian President Vladimir Putin has received information from relevant authorities that investment in Russia's import substitution made around 637.5 billion rubles ($9.9 billion) in 2018, Kremlin spokesman Dmitry Peskov said on Wednesday

MOSCOW (UrduPoint News / Sputnik - 17th April, 2019) Russian President Vladimir Putin has received information from relevant authorities that investment in Russia's import substitution made around 637.5 billion rubles ($9.9 billion) in 2018, Kremlin spokesman Dmitry Peskov said on Wednesday.

Peskov said on Tuesday that Russian Economic Development Minister Maxim Oreshkin could have briefed Putin by phone on Russia's investment in the replacement of imports with domestic production.

"The president has been briefed on import substitution. Almost 637.5 billion rubles in total were invested in industry to create Russian analogues of foreign products in 2018," Peskov said.

He specified that the state had invested around 70 billion rubles out of the total sum.

Putin said last March that the policy of import substitution, pursued since the introduction of Western anti-Russia sanctions in 2014, was a temporary tool in order to adjust the existing situation.

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