President Vladimir Putin says Russia remains a key partner in world trade despite increasing Western sanctions.

Mr Putin said the country is developing its logistics and the geography of its international cooperation despite all the obstacles and what he called “illegitimate sanctions” imposed by the West.

Mr Putin spoke on Friday at the 27th St Petersburg International Economic Forum (SPIEF).

He said the country is among the leading economic nations ahead of Germany, referring to data that takes purchasing power into account.

The West has imposed unprecedented sanctions on Russia as punishment for Mr Putin’s war against Ukraine, which has been going on for more than two years.

According to Mr Putin, around three-quarters of foreign trade is now conducted with countries that are friendly to Russia.

He added that since the West imposed trade bans in many areas, Russia has oriented itself economically towards China in particular, but also towards India, Africa, and Latin America.

In a speech to hundreds of guests, Mr Putin called for the expansion of cooperation in technology transfer and announced interesting growth prospects for investors from abroad.

The Russian president also said the development of a payment system independent of the United States would continue. 

(dpa/NAN)