Russia short on funds for technological leap forward, says CEO of Russian arms production giant

Sergei Chemezov, CEO of the Russian state-owned defence conglomerate Rostec, has admitted that Russia is in an unprecedentedly challenging situation due to its war against Ukraine.

Source: Chemezov in an opinion piece for Kremlin-aligned Russian news outlet RBC, as reported by The Moscow Times, an independent Amsterdam-based news outlet

Details: Chemezov believes that Russia is going through "the most difficult period in human history" and has entered turbulent times with "no end in sight". He said Russia's future depends on its ability to create new industries rather than copying existing Western technologies.

Chemezov complained about the lack of available financial resources. High interest rates are putting loans out of reach, making it impossible to invest in research, modernisation and production. The government therefore needs to provide "long-term cheap money" to support technological development, he said.

"Our goal shouldn’t be to catch up with the West. That won’t give us a competitive advantage," he stressed. Instead, Chemezov called for a focus on disruptive innovations: artificial intelligence, quantum technologies and high-tech business. He believes this will enable Russia to shed its image as "a gas station masquerading as a country".

Background: Since launching its full-scale invasion of Ukraine, Russia has found itself subject to tough sanctions that have restricted access to foreign technology and financing.

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