the bank of russia lowered the key rate immediately by 150 basis points to 9.5% per annum the regulator noted that inflation is slowing down faster than the central bank expected in april the bank of russia clarified that the external conditions for the russian economy. still

difficult and significantly restricts economic activity. the decline in imports due to sanctions is significantly outpacing the decline in exports from minute to minute. we are waiting for the press conference of the head of the central bank elvira nabiullina. we'll show it live. the investigative committee of russia has established two more commanders of the armed forces involved in the shelling of the civilian population of donbass. these are oleg tkachenko and nikolai perestupnyak. it was established that tkachenko was involved in the murder of at least 25 civilians in the city of mariupol in the period from february 29 to march 28, and on his instructions, a path was mined in the city, along which people moved, as a result of which a local resident died. in addition, the investigation established the involvement perpetrator to targeted artillery shelling in the period from june 7 to june 9 in a number of settlements of the donetsk and luhansk people's republics.

these attacks resulted in the death of 4d residents and the injury of 31 people. including a minor, 97 houses and civil infrastructure facilities were also damaged, including the building of two kindergartens and a school. by the action of each person involved, a comprehensive legal assessment will be given to implement the principle of the inevitability of punishment. in astrakhan today they met the russian guardsmen who participated in the special operation in ukraine at a solemn ceremony. but more on that later, and now the broadcast from the central bank. see you all here. uh, we are starting a press conference of bank of russia chairman elvira nabiullina and deputy chairman alexei bobotkin on our key rate decision today, and at the beginning of uh, the chairman's statement following the meeting of the board of directors, please, good afternoon. today we decided to cut the key rate by 150

basis points to 9 1/2% per annum inflation is slowing down, among other things, under the influence of the strengthening of the ruble and lower inflation expectations. this gave us the opportunity to reduce the key rate again today. uh, but the very low rate of price growth that we have seen in recent weeks cannot be considered persistently low inflation to a large extent. they are attributed to price corrections. uh, after a sharp rise in march and about inflationary risks. uh is still strong, i will focus on the decision factors. the first price increase in may. in early june, it slowed down significantly, but we are not inclined interpret this fact. eh, overly optimistic. yes, prices for a small group of goods, approximately 10% of the consumer basket in may, not only

slowed down growth, but also decreased mainly this food, which is characterized by increased price volatility. these are some fruits and vegetables, eggs, sugar, and durable goods , which until recently have risen in price at double-digit rates, have become cheaper. for the bulk of the position , the price growth rate, although declining, is still significantly higher than four percent in terms of year. in february-march, citizens formed stocks of durable goods and products for several months ahead. now they are gradually being spent and new purchases are likely to be made in a smaller volume. in addition, entrepreneurs have significantly increased prices, fearing, among other things, the weakening of the ruble now, when the situation has stabilized, not everyone is ready to buy goods at such prices, so the price is being corrected

down, but the situation may change stocks run out and consumption will occur beyond account of new purchases. and i emphasize that the decline in prices for individual goods in april-may only partially compensated for the march price jump, so the prices for computers, tvs, washing machines, smartphones decreased by 9 etira in 2 months after a rise in price by 15:46% in march, an important sign of stabilization situation is the return of inflation expectations of the population to the levels of a year ago. answering the question about the reasons for lower inflation expectations, citizens noted that a strong wave of growth, prices had already shortages of fmcg were avoided. the company's price expectations

also continued to decline, returning to the levels of the end of last year. among the reasons the company is cited as a slowdown in growth, costs. e, including the exchange rate dynamics and cheaper motor fuel, as well as the weakening of demand for their products, however, the expectation of enterprises and the expectations of the population. so far, they remain much higher than the levels that were observed with inflation close to four percent. we lowered the inflation forecast for 22 taking into account these trends and according to our estimates. e, the increase in prices at the end of this year will be 14-17% for the next year, the forecast has not changed by 5 7% and then inflation will return to the target level. the second decline in economic

activity in may, according to our estimates, stopped in terms of foreign trade. eh, the physical volumes of exports fell less than we expected in april, while the dynamics of imports. in general, it corresponded to our assessments of the problem. today, most companies that conduct external economic activity are experiencing activity. this difficulty in establishing relations with new suppliers in making payments, searching for new markets for the delivery of goods, new routes, unraveling these problems will take a long time. in addition, the risks of secondary sanctions remain; the economic picture by industry remains mixed heterogeneity has intensified. on the one hand, in terms of operational indicators, including the survey, we see point improvements, such as the business climate indicator, which we began to publish in june. says the grades

companies on the current and future situation. e, in the economy for 2 months in a row it becomes less negative, more significant improvements are noted by enterprises in industries where the process of import substitution is more active, for example, pharmaceuticals, certain industries of mechanical engineering, metalworking, a generally stable situation in agriculture. on the other hand, in industries where the role of foreign economic operations is high, output is reduced, this company is export-oriented, for example, the oil and gas sector , woodworking, coal mining and companies critically dependent on imported equipment, components, this is the auto industry and other assembly industries. another bottleneck is the dependence on the after-sales service of foreign production lines of the new turnover machine.

heterogeneity is high not only in the industry, but also in the regional context, for example, in the northwest, a significant number of companies are traditionally oriented to european markets. and as a result, there is a stronger recession and, on the contrary, for regions that trade more in asian markets, adaptation is faster. the agro-industrial and tourist regions of southern russia, where the share of small and medium-sized businesses is high and which are more focused on the domestic market , also experienced a smaller depth of decline, and we always take into account the latest information coming from the regions when preparing for a decision and let me remind you that it has been a year and a half on the eve of the week of silence a report on the regional economy is released, which summarizes the assessment of the situation on the ground by the main problems of the bank of russia. as for consumer activity, in april-may we

saw its cooling retail trade turnover fell by almost 10% year-on -year for at least three reasons, firstly, demand corrected after the hype in late february and early march. secondly, over the past three months , citizens' savings have been tied up with high deposit rates. and thirdly, consumer lending has slowed down, which can be explained both by high places in forging, and by the fact that the main large purchases for which such loans are often used are household appliances. the electronics have already been made. before. we now we we believe now these factors are beginning to change direction. the general stabilization of the situation, improved expectations regarding the prospects for the development of the economy will support the consumer. confidence expansion of programs of social support

indexation of pensions already included in the budget. they will also contribute to the growth of consumer activity and, as stocks are used up, consumption will begin to return to a more familiar level. unemployment remained at historical lows in april, but the number of companies resorting to partially employed on a number of indicators. we see some reduction in demand for personnel in a number of specialties, and further dynamics of the labor market will depend on the scale and speed of structural transformation, as well as on the mobility of labor resources. third, monetary conditions softened in certain segments. uh, but generally remained tough. uh, according to operational data in may, lending activity slowed down, especially in

retail lending together. with that, there is reason to believe that the rate cut in may will support lending since june, the ofz yield curve has dropped to nine percent for almost all terms. banks are also revising down lending rates, and due to high economic uncertainty, an additional factor. in addition to the rigidity of credit conditions, increased non-price requirements for borrowers remain when determining the level of the key rate. we take into account the impact of this factor on lending activity and the transmission of monetary policy. we will also continue to closely monitor the dynamics of urgent deposits, how it will change after the expiration of deposits opened at high rates in march-april. and now about the risks for our forecast, while inflationary risks

continue to decline, but remain significant budgetary policy becomes stimulating . in the event of additional easing of the budget policy, the informational influence may be stronger than reflected in the forecast and for inflation to return to the target. e in the twenty-fourth year. this may require a tighter monetary policy than we think today? the adoption by the government of decisions regarding the budget rule for the coming three years will allow us to more accurately assess the medium-term impact of budget policy on the economy and inflation. we also classify supply-side risks as inflationary ones. here, first of all, we are talking about manufacturers who are especially dependent on imports from the emperor, and

they face unprecedented challenges in postponing. e technological production logistics chains. without this, it is impossible to replenish the necessary economies. stocks are primarily non-food items. if stocks melt and replenishment will continue to be difficult. this will limit production capacity and could increase inflationary pressures. external conditions carry a whole range of risks from the combination of these conditions and how they will develop over time depends on their total effect on the economy inflation. here, the biggest uncertainty is concentrated, firstly, the impact of the oil embargo in the event of a strong drop in russian oil exports. e, through the contraction of the trade balance and the weakening of the ruble, pro-inflationary

pressure will arise, but a lot depends on how much oil can be redirected to other markets, as well as on the extent to which the decrease in volumes is compensated by the price, which in turn will be determined by the alignment of infrastructural logistical problems and demand in new markets. secondly, the risks of a global recession are intensifying in cases where the global demand for russian exports will decrease, which through the weakening of the ruble will contribute to the acceleration of inflation. thirdly, a decline in the export of russian goods may also carry disinflationary risks if companies, due to the inability to establish export chains, are forced to redirect goods to the domestic market. fourthly , the dynamics of imports is of great importance. how quickly can it recover and how will it correlate with the

dynamics of exports? as you can see from the side of external conditions, there is a very large set of possible factors with multidirectional influence, and we will evaluate all changes and mutual effects of these processes. and in conclusion on the prospects for our monetary policy in the face of unprecedented uncertainty, e, we need to adjust the policy as follows, on the one hand, do not interfere with the restructuring of the economy, and on the other, avoid risk in the glass of inflation. in the first case, the problem is possible, if the rate level is too high with a stronger contraction of demand compared to the reduction in supply in the second, if the rate level is too low in the absence of companies of objective opportunities to build up offers. or if the rate cuts too quickly, excessively, in response to

the price dynamics observed today hmm. if the situation develops along the basic trajectory, as sustainable inflation decreases, there will be a further gradual reduction in the key rate, and at the next meetings we will evaluate its feasibility . on how the reconstruction of production chains will proceed under the new conditions and to what extent restrictions on the supply side will be allowed? in accordance with our updated forecast and taking into account today's decision, the annual average key rate in the current year will be 10.8 dash 1.4% per annum in the next

seven dash nine percent and in the twenty-fourth year six dash 7% per annum. thank you for your attention. colleagues, please, your questions. i remind you that we are working today. uh, just like last time once in a mixed format, that is, some of the questions will go online, uh, and please don’t forget. uh, do n’t forget to introduce yourself and name your publication, but please, and anastasia is traditionally the first word. savelyeva anastasia interfax hello, you have already said that the current rate of price growth cannot be considered sustainable, do you expect a reversal in the inflation trend, and as one-time factors are exhausted and due to the possible impact of budget policy, but hmm, the first question is the second question. did you earlier they said you could go back to standard steps. uh, in terms of monetary policy, when the rate reaches a

single-digit level, we have returned by this time. and can we already talk about fine tuning. e hmm, and one more question you mentioned, just about export imbargoes. and how strong will the impact on the trade balance be ? thank you as for the decline in price growth, we expect it will continue to happen indeed will go away one-time factors, but we also expect sustainable components. they are going down now, but they remain above four. they will continue. e your decline. eh, definitely. you're right. one of the factors will be e. hmm, further implementation of budgetary policy. we are still proceeding from the decisions that have been announced. but uh, the budgetary processes are next, and

the year is now being discussed, uh, and we think it's very important to go back to one way or another of the budgetary rules and understand what the budgetary framework will be, because it affects the monetary credit policy. as for the transition to standards. i spoke more about when inflation is in when our key rate is in the double-digit range. yes, then m.e. such standard steps as 0.25. well, yes, probably, we are moving in big steps. yes, not inapplicable, but at the transition to unambiguous. e. hmm like a single digit rate. we will consider each time and the size of the step will depend on the scale of refinement of our forecast for the future. yes , the situation is uncertain now, a lot of things are changing rapidly. yeah so u foresee everyone

times step. it's probably impossible to talk about a standard step. perhaps when we are in such a mode, well, tuning rather, yes. as for hmm influence. uh, invargan oil is oil products, we really have it. there is a negative one. uh, well, the degree of impact will depend on many factors and the price factor, of ​​course, it will play a role, that is, the impact will depend on the first one, on whether it will be possible to redirect the flows of hmm all the countries that led to the embargo to other markets, and the second it will depend on the factor itself, which in in turn will depend on the global situation in general and on the growth rates of the world economy. and we see that it is slowing down because the demand for russian exports may fall and, of course, price conditions are still associated with discounts and so

on, these are probably the main factors, and we will see how it all unfolds. colleagues, please, anna penultimate row a and kneel on the newspaper. i also have two questions. ah. the first is not a very standard situation in our country. we have a very large spread between the inflation rate and the key rate, and the same high spreads between the key rate and the interest rates of banks. you said that the may decline, may already push lending a little in june, but in general, when you expect a revival in lending and a decline. here are these spreads, and the reduction of these spreads between the key rate and the rates of banks and the second. i have a question that is related to the currency, and the central bank announced today that it will study the issue of banking commissions. well, it’s clear that there we are talking about one bank, which extend to old contracts. oh, well, that is, they

do it this way, they cleverly transfer through a savings account to a regular account. here, but you can’t withdraw money, yes, that is, if you want to have it, you want to transfer it. we can’t make money with her, and in fact people get caught. in a certain trap, that is, can the world of not only behavioral, but also other supervision be taken in relation to this bank. uh-huh so thanks for the questions, as far as what e credit rates are now more different from key rate, indeed it happens. this is what we call tightening non-price conditions. e price conditions. loan issuance. there is more hardening. there are no price conditions for issuing a loan when there are requirements for collateral, and so on and so forth, but in this price conditions for a loan, we reflect the growth of

e , risk. clear already. e, respectively. um, where does he get his components from? raw material production now? many enterprises are also rebuilding their supply chains and there is uncertainty in the sales markets, and therefore, of course, these risks have naturally grown and banks are evaluating them. and why they are evaluating them this way is risk management. they should think, including about the other part of their clients, and depositors , that the funds should be returned and, uh, the interests of depositors and creditors should be protected. uh, and uh, yes, maybe alexey borisovich will add something on this part, including on wednesday by key and by inflation. yes thanks a lot. uh, that's what uh or related said about uh, extra time for the risks. i just

want to appeal once again, because a statement has already been made that we understand that risk premiums have increased, we understand that they have become tougher. uh, not the price terms of credit and take into account this assessment. accordingly, uh, the mechanisms of transmission of our key rate to lending rates, well, and further to monetary conditions. we hope that gradually this will also come to ah, the previous state, but for now we choose the level of the key rate, realizing that these uh risk premiums they uh will be, uh, higher for some time. uh, if we talk about the difference between inflation and the key rate, here is the question of what kind of inflation we are talking about, if we talk about annual inflation over the past 12 months, then, frankly, the difference is, it is significant unconditional inflation. we have 17.1% for the latter. uh, according to the weeks given, we lowered the rate today to

nine and a half percent, but this is due to the fact that this inflation of the past period and a similar situation. although it may have been a little less pronounced , if you look at 1414, when we also lowered the rate in conditions when annual inflation was still high and there were large price increases at the end of 1414 and the beginning of 1515 . e, but what is important for monetary conditions and the transmission of monetary policy is not inflation in the past, but expected inflation in the future, and in this sense, if compared, there the current level is key rates with our inflation forecast, yes, in general, the policy that is currently being pursued there fits into the framework of what can be called, uh, tight moderately tight, but i would like to emphasize here that, probably, for this spread all look differently. yes, they believe that the key rate e is significantly lower than inflation, if measured in annual terms, yes. and if you take

it there, the current weekly inflation to extrapolate to extrapolate to analyze some believe that the key rate is higher than this inflation, but we proceed from the fact that you, for example, are based on weekly inflation and which is largely caused by current factors, but you can’t do a more correct approach , such as the one that aleksey borisovich said key rate, it affects the cost . eh, the representation of resources or the value or the attractiveness of deposits for the future and, of course, you need to look at and compare with forecasts with expectations with how it affects the future and in terms of currency. yes, we are indeed on commission. now let's take a closer look at this situation. eh, how already uh said, we proceed from the premise that banks should not worsen the terms of service for existing contracts, there are customers under

existing contracts. ah, what about deposits. i want to emphasize again the contributions. it is not allowed here, an increase or, uh, the introduction of a commission - this will be a direct violation of the law, as far as accounts and all sorts of things are concerned. here are some translations. it is necessary to carefully look at the mountains, where different banks have made different decisions. we will look into this situation for each bank. if there is a violation, we will apply the corresponding measures. hmm, which, in accordance with the violation, we have the right to apply yes, but of course, you need to understand that a, under the conditions of the sanctions of the restriction and hmm, all currency transactions for banks and for citizens carry certain risks, therefore, banks are trying to reduce their volume of foreign exchange transactions and may even stop

offering some, but you products. currencies are currency products, yes, but it is important that all this is in compliance with all rights, and we keep this situation under control for bank customers. and here for each let's take a closer look at banking. as far as it corresponds to the legislation and the concluded contract for clients. colleague, please, dilya hello, thank you dilyar, the sun of webiria news elvira recently you mentioned such a word today, how is inflation and even listed, how to say the factors that may possibly lead to its occurrence, but still, how do you evaluate it risks, and the emergence in russia how high do you put it in the base forecast or this is rather a pessimistic forecast. this is the first question and second question. i have budget rules. you also mentioned budget

policy today, and we know that the ministry of finance is currently developing new budget rules, but do you take part in the discussion of this structure and, in your opinion, what should the new budget rule be? thank you for the risks so liation. well, we do not lay down the baseline forecast, and our policy is aimed at ensuring that such a risk does not materialize, and we, uh, we proceed from this, as far as the fiscal rule is concerned. uh, yes, we are having some general discussions with the ministry of finance about its necessity, but it is still too early to talk about a specific design on proposals for this design. so, please, next question. we have the region yes, yes, the next question is online. and alina melnikova edition of the island of freedom city, volgograd please alina a. good afternoon we have such a question, following the reduction of the key rate, the rates on loans are decreasing.

however, banks are in no hurry to issue loans. efforts to assess the borrower, whether it is legal and when banks will relax their stringent requirements for borrowers. yes thanks a lot for the question. indeed, we have already touched on it several times today, because this is an important factor. we see that banks have tightened up. hmm, the requirements for borrowers are not price-based either, uh. banks are indeed more cautious in evaluating borrowers. this is due to the fact that credit risks have actually grown, as part of the restructuring of the economy, and banks should be able to assess them. hmm let me remind you again, because if a borrower does not seem to be able to credit, they should not suffer. uh, respectively hmm and contributors and

creditors, because the bank is responsible for the money of depositors and creditors. but we do set our key rate, taking into account some additional rigidity of non-price conditions. i think that to measure how this restructuring of the economy will take place, companies will build new chains. logistics technological assessment by banks of these risks will decrease. and accordingly, the requirements for borrowers, and may be reduced. colleagues, please, both on and on frank media, i will have two questions, and the first the question will concern nsd, at the beginning of june the eu imposed sanctions against russian railways and thus, if i may, so to speak, legalized the freezing of assets and

operations that uh occurred after the collapse of the depositary bridge between russian and foreign infrastructure in early march . and as such, there was no ban on the conduct of settlement operations and, e.g., storage of assets from the beginning of march until the start of sanctions, and therefore some investors, both foreign and russian. uh, they're preparing lawsuits to challenge this operation freeze. do the bank of russia plan to participate, uh, in these lawsuits, or in some other way, but to challenge the freezing of the operation for russian investors and in general, does the bank of russia, as a mega-regulator and as one of the shareholders of the moscow exchange group, plan to challenge regarding nrd? or, it may be somehow different to solve the issue of restoring the depositary bridges between

the euroclear and the klirosliv and the russian infrastructure. this is the first group of questions, and the second group of questions e concerns. uh, financial market participants asked for a reporting form the bank of russia is planning to change the approach to disclosing these financial information, including in the form of ifrs , whether the bank of russia is planning to change these approaches. or maybe somehow implement certain norms, and change them, including for the banking sector. and hmm, that's about it. thank you. on the second question, i will briefly say right away. we are in the process now. discussion uh, uh, let 's see what needs to be done here uh, what can we do, regarding the issue related to russian railways, these are the restrictions and they were on sale, uh,

a consequence of the fact that the international accounting system was limited to conducting operations on rd accounts and made it impossible to move securities from accounts. nrden accounts, other accounting institutions. and er restrictions they concern. e sales opportunities. uh, these papers are on the stock market, but because you need to avoid risk, to e mugcha buyers are often unqualified investors who are unaware of the consequences of this freeze. you just didn't buy these papers, you know? but because the problems are systemic. it remains in order to the seller, trying to sell these papers through the exchange infrastructure. uh, i could sell them. mm. here's to such a large enough class that

we have unqualified investors, uh, and uh, but papers can be sold on the non-exchange market unconditionally by agreement of the parties with discounts. eh, and so on. here is what concerns our participation in various kinds of processes and the preparation of court cases, and such work is at its best. ah, strategies. tactics developing the best strategies tactics, she 's doing this work is not simple complex hmm uh, i guess all i can say on this topic now thank you the next question is online a alexandra wald project lifend & west sasha please, hello, we have already begun to talk about investors, and i would like to ask a question about what kind of investor protection policy is currently being pursued by the central bank, because already mentioned that investors frozen in foreign assets from some investors. after this freeze, cola margins occurred because brokers did not take them into account

as collateral, people lose tax benefits when transferring papers from one broker to another from brokers under sanctions by them, but how would it be when transferring iis, such a situation arose that people have two isas and already now the tax refuses deductions and, accordingly, there will be fines for people to return. there are a number of other problems that investors face. are central banks working on data? and if they work, then how can we see solutions to these issues now, and, probably, i will allow myself to ask the second question right away. could you explain whether russia is currently able to service its external obligations. and if such a way , russia will no longer have an opportunity than a default on external debts. and what a default on external debts will simply mean for the people of russians, including for investors, thanks too, as for

protecting the rights and investors, this is a priority of our policy even before the introduction of external restrictions. you know, we took measures that were often not liked by financial market participants to protect, first of all, unqualified investors. and, of course, many investors. now faced with problems of various kinds of various kinds. you part of them mentioned each one this problem is being considered. separately, somewhere we need to change the legislation, somewhere we need to change the legal acts, and uh, we certainly work out every problem and in the near future we intend to hold a council and our expert councils. we at the central bank have e. hmm to the problems of retail investors once again systematize all the problems that need to be worked out so that nothing remains to be said. so no attention as to the topic that you raised on iis, really. uh, there are brokers who have

been sanctioned, we believe, uh, our position of the bank of russia, and for this it will be necessary to make changes to the legislation, that tax deductions in this case, should remain possible. uh, investors to have two of them, if one is blocked, the second one is not blocked, do not lose, respectively, but the right to a tax deduction. well, these changes in the legislation, in our opinion, should be adopted as far as it is concerned. with service of external debts, you understand, usually default is often defined as inability and unwillingness. uh the borrower to pay the debts. that's in terms of financial resources. we have all the possibilities. and there is also a desire to pay, you know, there were finance ministries, demonstrated by all different. uh, options is the problem the situation russia is in now uh, it is related to the technical difficulties of repaying sovereign debt in a currency with restrictions on

international banking transactions and uh. hmm at the same time, uh, usually when there are problems with the payment with sovereign debt, this is a budget problem. and now the broadcast from the kremlin dear friends, colleagues, ladies and gentlemen, it is with great pleasure that we receive mr. berdimuhamedov, who is in russia on his first official foreign visit as president of turkmenistan, and above all. i would like to present you , dear sardakh kurbanguliyevich, with a russian state award. order of friendship both now at the head of state and before being elected president, you have consistently advocated and continue to advocate

the development of truly friendly close partnership with russia in various government positions, personally participated in the preparation and implementation of a number of joint initiatives and important agreements, being the chairman of the intergovernmental russian turkmen commission, actively engaged in practical issues of promoting bilateral trade and economic ties. i congratulate you on this award and wish you continued success as president for the benefit of the sustainable and stable development of turkmenistan and the well-being of the citizens of your country. president

president of turkmenistan berdimuhamedov serdar burbangulovich was awarded the order of friendship of the russian federation for his great contribution to strengthening the strategic partnership between the russian federation and turkmenistan dear vladimir vladimirovich, it is a great honor for me to accept this high award, this is a high award. i understand you, as a sign of respect for turkmenistan, relying on the solid foundation of friendship neighborhood, the deep historical ties of turkmenistan of the russian federation are consistently strengthening their bilateral relations with confidence build joint plans and programs for

cooperation in the economy in the energy sector. transport industry agriculture and many other areas. in their relations, turkmenistan and the russian federation see, uh, clear goals and are ready to achieve them for us. uh, uh, for this we have every opportunity dear vladimir vladimirovich uh, after the high award. e, will become another symbol of the inviolability of our strategic partnership of friendship , good neighborliness and cooperation. e of our two peoples and states. thank you very much again for this is a high award thank you for your attention. thank you

ladies and gentlemen, the ceremony of signing a declaration on deepening the strategic partnership between the russian federation and turkmenistan begins president of the russian federation vladimir vladimirovich putin and president of turkmenistan sirtar kurbangulovich berdimuhamedov sign a declaration on deepening the strategic partnership between the russian federation and turkmenistan presidents vladimir vladimirovich putin turkmenistan during an official visit president of turkmenistan serdar gurbanguloevich berdimuhamedov to the russian federation,

intergovernmental agreements were also signed to prevent the identification and suppression of dubious financial transactions and on cooperation in the field, plant quarantine and other bilateral documents on russian turkmen cooperation in trade, economic , transport, construction, scientific, educational, sports and other areas, fuck matua signing ceremony is over , let's move on to the statements. heads of states. for representatives of the media were

very informative passed in a business friendly atmosphere. they emphasized the truly partnership and mutually beneficial nature of cooperation between russia and turkmenistan. this year is significant for russian turkmen relations. in april, 30 years have passed since the establishment of diplomatic ties, as well as 20 years since the signing of the foundation of the establishing agreement between the russian federation and turkmenistan on friendship and cooperation, which serve in a solid foundation for the whole complex a lot of planned interaction between our countries in the agreements signed by us. we have just declared the deepening of strategic partnership, fixed the priorities for joint

work, it is in the future in the political trade and investment, cultural and humanitarian power. in the field of security, including biological and informational, i would like to note that russia is one of the main economic partners of turkmenistan. last year, bilateral goods in the mouth amounted to 865 million dollars, and according to the results of the first quarter of this year, mutual trade. uh, up another 45%. over the diversification of commodity and investment exchanges and investment opportunities for diversification of opportunities, therefore, the inter-rights commission of the russian turkmen commission on economic cooperation is working productively in the direction, not so long ago ashgabat visited its russian nozzles to discuss promising joint projects and expand the practice of using national currencies in mutual settlements two countries, one of the key

sectors of bilateral partnership, traditionally is energy and energy topics. today we highlighted special attention. both sides expressed their interest in establishing cooperation between the relevant departments of russia without suddenly stopping the initiatives of business circles that are aimed at continuing the implementation of mutually beneficial undertakings, mentioning. in particular, that gazprom cooperates with the turkmengas concern on organizing. export of gas from turkmenistan under a long-term contract providing for the possibility of russian purchases of e-gas in turkmenistan lukoil is negotiating the terms of participation as an operator of the project for the development of an oil and gas field and access to the caspian sea . tatneft has been successfully working in turkmenistan for a long time and is engaged in the repair and maintenance of oil wells. the introduction of

modern russian technologies has significantly increased the productivity of oil pipeline oil fields to create new jobs. other major russian energy and industrial companies are also showing interest in implementing projects in turkmenistan. the company is talking about the modernization and construction of new power plants, including those using renewable energy sources. the construction of high-voltage power lines transit and export of electricity during the negotiations also touched upon such an important topic as the further development of industrial cooperation. it was stated that a number of large joint projects are being successfully implemented. among them , he mentioned the construction for turkmenistan of the united shipbuilding corporation multipurpose, and two dry cargo ships have already been transferred to the turkmen side speed