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- Business with a plan: Verona Forum participants declared an active transition to multipolarity
Business with a plan: Verona Forum participants declared an active transition to multipolarity
The Verona Eurasian Economic Forum in Ras al-Khaimah gathered almost 1,000 participants from 40 countries. In just a month, a modern building of the venue was constructed from an iron hangar, its organizers told Izvestia. This was facilitated by the UAE's great desire to welcome the Russian and European delegations in 2024 in its own land, where they respect traditions and values, as well as other people's opinions, the forum participants noted. Experts characterized it as a platform for those who want to continue cooperation. A vivid example of this thesis on the second day of the forum was the statement of Serbian Deputy Prime Minister Aleksandar Vulin, who once again made clear the country's intention not to impose sanctions against Russia, but, on the contrary, to sign a gas agreement with Russia on better terms.
Serbian friendship
Serbia expects to soon sign a new gas supply agreement with Russia on the best possible terms, Serbian Deputy Prime Minister Aleksandar Vulin said at the Verona Eurasian Economic Forum.
"I think we will have a new gas supply agreement very soon," he said.
He expressed confidence that the Serbian economy will continue to grow thanks to cheap energy resources from Russia. The politician also called hypocrisy the fact that Europe is increasing purchases of Russian fuel, while declaring Belgrade's need to give it up. Meanwhile, Serbia does not intend to impose sanctions against Russia and is discussing payment options with Gazprom amid sanctions against Gazprombank.
Antonio Fallico, President of the Association "Cognizant Eurasia", Chairman of the Board of Directors of Banca Intesa
The country, according to Alexander Vulin, also hopes in 2025 to agree with Hungary on a pipeline project that will connect Serbia to the Druzhba oil pipeline.
- The current contract expires in spring. Negotiations are underway to extend it. It's just that Serbia is under pressure from Brussels and Washington, plus there are forces inside the government that are not inclined to constructive relations with Russia, although Belgrade's benefit from normal interaction is obvious. Maybe they expect the geopolitical situation to soften in the coming months and it will be easier for them to extend the agreement on a long-term basis," Alexei Grivach, deputy director of the National Energy Security Fund, told Izvestia.
According to Alexander Frolov, deputy director of the National Energy Institute, Serbia is showing an example of how to keep a sober mind in our difficult times. Belgrade has received the most attractive gas prices in Europe due to the preserved cooperation and even partnership with Moscow.
- In fact, the blue fuel goes there with an oil linkage, and not with an exchange linkage, like other buyers. According to Alexander Vulin, this has ensured the growth of the Serbian economy. It is not surprising that this country does not give in to Brussels' demands to break relations with Russia and impose sanctions against us," he said. - I believe that the parties will indeed be able to agree on a favorable agreement on gas by the end of the first quarter of 2025. Deliveries can continue to be carried out through the Turkish corridor.
Fedor Sidorov, the founder of the School of Practical Investing, believes that Serbia is primarily interested in the continuation of stable supplies. Unlike the rich countries of the Eurozone, Serbia has never been a prosperous country, so this country simply does not have the resources to make concessions, join sanctions against Russia and prefer American or Arab LNG to piped gas. Crisis and rising prices always hit the weakest first. Especially since the Serbian authorities see with their own eyes the unsuccessful examples of countries where the industrial PMI is falling every quarter, the expert added.
- Russia needs this agreement primarily as an image component of a reliable supplier. And to show by the example of Serbia what results the economies of European countries could achieve without breaking relations with Russia. The countries that have declared that they intend to continue trading with Russia have suffered the least," he said.
How real this agreement is physically depends on the payment scheme, which will be acceptable to both sides. In order to prevent Serbian banks fromfalling under sanctions, exotic payment options are possible: from cryptocurrency (with a separate permission of the Central Bank) to cash or payment through third countries, he said. Probably, the methods in the case of signing agreements will not be disclosed to avoid pressure from other countries in Europe and the United States, the expert added.
Transition to multipolarity
According to Alexander Vulin, Europe is now in a turbulent state. There is a change of values - both in the sphere of market relations and in politics.
"We always thought that the market economy is the most important part of democracy. The market economy is working today in Russia, China, the UAE," he said, adding that in fact the very notion of Western democracy is in doubt, and this is happening against the backdrop of economic recovery in the East.
He described the current situation in the world as a clash of civilizations and values, for which there is no God, no nation and no traditional family.
- " The current situation in the world is abnormal, the imbalance continues, pockets are emerging even where no one expected them," Senator Vladimir Chizhov, Russia's former representative to the EU, told Izvestia. - All this is a painful breakthrough to multipolarity, which is not easy for anyone, including Russia. But this is an objective process - 500 years of Western hegemony is coming to naught.
As for Russia's relations with the UAE, they are showing impressive growth. Over the past three years, the trade turnover between the countries has tripled, reaching a record 1 trillion rubles in 2023, said Kristina Tantsyura, managing partner of SKY Consulting Group, chairman of the committee of the Association of Exporters and Importers for the UAE and the Gulf countries, an expert on business development in the UAE and the Middle East.
- Mutual investments, which have exceeded $7 billion, have also become an important element of cooperation. About 60 projects worth $2 billion are being implemented jointly with sovereign funds. More than 1,600 Russian companies have opened representative offices in the UAE, taking advantage of the opportunities this country offers: access to new markets, development of production facilities and stable business partnerships despite the challenges of external pressure," she said.
The entry of the UAE and Saudi Arabia into BRICS as official members opens up additional prospects for deepening cooperation with Russia within the framework of joint development programs, the expert added.
- The Verona Forum in the UAE has become a platform for those who want to continue cooperation. Here they made plans for the largest projects that are being implemented in Russia, they also reported on the energy plans of a number of European countries, - said Alexander Frolov.
According to the expert, one should not expect instant changes, the launched processes are realized gradually. Moreover, there is no guarantee that it will not be necessary to adjust to new circumstances in order to continue moving along the chosen path, he said.
According to Fedor Sidorov from the School of Practical Investing, the course of deepening Eurasian relations is more important today than ever before. In the face of new challenges, such as sanctions and possible changes in global policy with the arrival of a new U.S. president, the participants of the platform in the UAE were focused on finding independent solutions for economic integration.
- The Verona Forum has become a platform reflecting a new vector of development of international relations based on mutually beneficial cooperation within Eurasia," he added.
As the president of the non-profit association "Let's Cognize Eurasia", Professor Antonio Fallico from Italy, noted, the most important thing that was clearly felt in the discussions and communication this year was the sense of freedom. This is what contributed to a dense intellectual exchange of opinions and ideas. Business needs this, as well as certainty and predictability, he added.
The forum was organized by the Italian non-profit association "Let's Cognize Eurasia" in cooperation with the Roscongress Foundation.
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