New agreement in Int'l trade route, warnings on gold sanctions: Putin

By Al Mayadeen English
Source: Agencies
16 Mar 2023 19:18
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Putin warned that if Russia's gold and foreign exchange reserves are targeted by sanctions, Moscow will have to implement retaliatory measures which include in matters of dividend payments.

Russian President Vladimir Putin delivers his speech during the 17th Congress of the Russian Union of Industrialists and Entrepreneurs (RSPP) at the Moscow International House of Music in Moscow, Russia, Thursday, March 16, 2023 (Mikhail Metzel, Sputnik, Kremlin Pool Photo via AP)

At today's congress of the Russian Union of Industrialists and Entrepreneurs, Russian President Vladimir Putin announced that agreements were made with regard to the construction of the Dagestan-Azerbaijan-Iran route.

Putin said that all countries have greenlighted the project despite geopolitical obstacles that may arise in the building process.

"Everyone agrees, despite the complexity of geopolitical layouts and contradictions between the countries of the regions that always arise between neighbors. Everyone agrees that it is necessary to build this route [Dagestan-Azerbaijan-Iran]," Putin said during his speech before the congress, noting that determining the time required for the construction of the route is now a pressing matter.

#Putin remarks at the Congress of the Russian Union of Industrialists and Entrepreneurshttps://t.co/b3Vg3MGKNU https://t.co/ixNPV1qEMk #BBC #CNBC #Dailymail #WSJ #Bild #NYT #AP #AFP #Reuters #Spiegel #Euronews #Times #Economist #Thehill #cnnbrk #FoxNews #dwnews #Politico #SRF pic.twitter.com/Kd1jHi4iRk
— Людмила Горбачева (@ludmila_vasilg) March 16, 2023

As for the International North–South transport corridor, which was initially agreed upon between Russia and India on May 16, 2002, Putin called on Russian investors to allocate funds for the construction of the route. The road connects Russia, Central Asia, Iran, and India.

"The goods will continue to flow... it will always be in demand, so we need to find the resources and consolidate these financial resources for this project... The government should think about how to add up this pool of possible investors. To be honest, I would like it to be Russian investors. Well, why miss out on such profitable and good projects," the Russian head of State said.

Putin warns of sanctions on Russia's gold reserves

On a related note, Putin warned during his speech that if Russia's gold and foreign exchange reserves are targeted by sanctions, Moscow will have to implement retaliatory measures which include matters of dividend payments.

"If decisions are made concerning our business, certain incorrect and illegal methods are taken against Russian assets, including Russia's gold and foreign exchange reserves, then it is necessary for us to take adequate actions, including those related to the payment of dividends," Putin said.

⚡️🇷🇺 President Putin Addresses Russian Union of Industrialists and Entrepreneurs Congress in Moscow

He expects a rise in GDP compared to 2022 due to new logistical routes opened & cooperation with trustworthy partners. pic.twitter.com/aijme1Eudz
— MOCez🇷🇺🇱🇾🇮🇶🇾🇪🇨🇳🇵🇰🇵🇸🇸🇾🇮🇳🇮🇷🇰🇵 (@Mousacisse1) March 16, 2023

He further stressed the necessity of considering more flexible modalities of paying dividends to foreign investors in “unfriendly” countries receiving dividends from Russian firms, noting that Russia may consider allowing some payments if the companies reinvested the proceeds back into Russia.