Russian President Vladimir Putin said on Tuesday that inflation in Russia has dropped below 7% year-on-year, marking what he called a “significant achievement” for the country’s economy.
Speaking at the annual VTB Investment Forum in Moscow, Putin said inflation was once estimated at double-digit levels in March but is now expected to fall to around 6% by the end of December, below both government and Central Bank forecasts.
“The reduction in inflation has been a significant achievement this year,” he told delegates, adding that Russia’s gross domestic product is projected to grow between 0.5% and 1% in 2025.
Addressing Russian and international participants at the forum, Putin said Moscow aimed to elevate cooperation with China and India “to a qualitatively new level” by strengthening the technological component of their partnerships. He said numerous joint projects were already underway in areas such as energy, industry, space, and agriculture.
“We have established a substantive dialogue on economic issues with President Xi Jinping,” Putin said. “We will also discuss these topics in detail during the upcoming visit to India with Prime Minister Narendra Modi, including increasing imports of Indian goods to our market.”
Putin begins a two-day visit to India on Thursday, his first in four years, where he is expected to pitch new deals in energy and defence, including sales of Russian oil, missile systems, and fighter jets. The visit comes as Moscow seeks to restore trade flows disrupted by Western sanctions and as New Delhi diversifies its energy sources.
Russia has long been a key arms supplier to India and, in recent years, one of its top oil exporters. However, India’s crude imports from Russia are set to hit a three-year low this month due to tighter sanctions, coinciding with a rise in its purchases of U.S. oil and gas.
Putin will be accompanied by Defence Minister Andrei Belousov and a large business delegation, underscoring Moscow’s intent to strengthen strategic and economic cooperation with its long-standing Asian partners.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 23rd of July, covering the latest developments you need to know.
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India and Myanmar are expanding cooperation on rare earths as New Delhi seeks to reduce its reliance on China for critical minerals. The move follows a series of Indian visits to Myanmar and comes amid growing global competition for resources used in clean energy and high-tech industries.
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The U.S. military said it completed a fresh wave of strikes on Iran late on Thursday, marking the 13th consecutive night of American attacks. The latest operation lasted more than two hours, according to U.S. Central Command.
The European Union has adopted its 21st sanctions package against Russia, imposing its most extensive economic penalties in four years. The measures expand restrictions across the financial, military, cyber and energy sectors while introducing new enforcement tools and broader export controls.
Vietnam is planning to require social media platforms to stop users under 16 from posting content, commenting or reacting to posts under a draft decree designed to strengthen online protections for children.
Women and girls in Sudan's Al-Obeid face a dire choice between the threat of drone attacks during the day and sexual violence when they go out to fetch water in the besieged city, UN Women reports.
Iranian President Masoud Pezeshkian and Iraqi Prime Minister Ali al-Zaidi signed a series of agreements in Tehran on Thursday aimed at strengthening bilateral trade, transport links and security cooperation, highlighting the growing strategic partnership between the neighbouring countries.
Poland has proposed a trilateral partnership with the U.S. and Ukraine to jointly manufacture Patriot missile interceptors, Deputy Defence Minister Magdalena Sobkowiak-Czarnecka said after meetings in Washington. The plan aims to ensure production takes place in a secure location.
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