Russia is aimed at further development of non-commodity exports. As Ayaz Aliyev, associate professor of the Financial Management Department at Plekhanov Russian University of Economics, said in a conversation with Made in Russia, the lifting of coronavirus restrictions could have a positive impact on the development of trade relations between Russia and Europe.

The expert pointed out that some warming in relations with the European Union countries now contributes to the growth of exports.

"In particular, the easing of sanctions rhetoric against Russia. This has made it possible to partially restore the volumes that fell out after the imposition of sanctions. The second factor is the reduction of restrictions related to the pandemic. Previously, it was this that led to a drop in export volumes to Europe. It is logical that the removal of restrictions leads to an increase in supplies," Aliyev said.

In the short term, he said, export trends, including non-commodity exports, are very positive.

"The prospects for expanding non-resource exports and further entry of Russian companies into new international markets are in line with the objectives of Russia's economic development. In the short term, this approach can also be realized through the recovery of markets after the pandemic," he believes.

At the same time, the expert noted that it is harder to make forecasts in the medium and long term.

"There may well be a correction in the rate of economic growth. Besides, the question of long term is politicized, much will depend on the system of international relations, mainly political," Aliyev believes.

"If Brussels agrees on sanctions against Russia, the sanctions rhetoric will be reduced, the Russian Federation is ready to increase export volumes," he concluded.

Recall, earlier the media reported that trade turnover between Russia and the European Union increased significantly in 2021. In the first four months of this year, it was 70.3 billion euros, a 12.5% increase over the same period in 2020.

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Author: Maria Buzanakova