Russia, China, ASEAN to create alternative trade mechanisms amid sanctions

Russian Deputy Foreign Minister Alexander Pankin has said that Russia with China, ASEAN and Latin America will create alternative trade, transport and settlement mechanisms in conditions of sanctions.

"Additional risks are provoked by the United States, the EU and the countries of the G7: one-sided forms of the energy transition, inflation of the "printing machine," illegitimate barriers to trade in Russian food and fertilizers. This accelerates the increase in prices for the basic needs of the population and business - energy and food, strains the wallet of ordinary citizens," he said in an interview with TASS.

"In coalition with other countries, we will strive to overcome these challenges by creating alternative trading, transport and calculated mechanisms, which are non-dependent on the Western whim. We mean, in particular, China, ASEAN countries and Latin America," Pankin added.

As the diplomat noted, Russia will actively involve the constructive potential of the initiative of President Vladimir Putin to create a large Eurasian partnership, involving the construction of a wide integration circuit with the prospect of the participation of the EAEU, SCO and ASEAN.

He also emphasized that Moscow is aimed at making a practical contribution to the work of the Asia-Pacific Economic Cooperation forum (APEC).

"We plan to pay special attention to the formation of convincing agreements that would be able to give an additional impetus to the global economy and international development. In particular, we are talking about the promotion of initiatives and projects in the field of trade policy, global supply chains, carbon pricing, digitalization, and development of remote development and rural territories, women's entrepreneurship," Pankin went on.

"We are counting on the preservation of the non-politicized nature of work according to the priorities of the forum, which were agreed upon with active Russian participation. Its rich agenda for this year includes interconnectedness, innovations, ecology and sustainable development, which fully coincides with Russian interests," he said.