Russian trade is rapidly shifting to Asia from Europe, according to the head of the railroad monopoly Russian Railways. Vladimir Yakunin, a longtime friend of Russian Prime Minister Vladimir Putin, said neither the railroad company nor the government had anticipated the sudden change. "Beginning 2009 our cargo flows shifted. The main volumes went to Far Eastern ports because shippers have reoriented toward Southeast Asian markets," Yakunin said. Steel Guru reported him as saying that China has overtaken Germany this year as Russia’s largest trade partner, accounting for 9.2% of total trade turnover. Yakunin said he regretted the lack of investment in infrastructure in the last 20 years and added that if not for the new US$2 billion Kuznetsov tunnel being built in the Far East, the situation would be critical in 2015.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved