A close ally of Vladimir Putin has said Asia cannot replace the west as a source of financing for Russia’s sanctions-hit economy and that the country should continue to pursue integration with Europe despite the stand-off over Ukraine.
The remarks by Vladimir Yakunin, the Russian Railways chief, cast a degree of doubt on the much-vaunted new relationship between Russia and China as Moscow attempts to pivot east following crippling sanctions imposed by the US and EU over Ukraine.
“It is over-exaggerated that eastern financial institutions can replace western financial institutions because, objectively speaking, the loans we can raise from western financial markets . . . are much longer-term than what we can raise on Asian markets,” he said.
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