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HomeWorldWestern ‘economic blitzkrieg’ has failed – Putin

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Western ‘economic blitzkrieg’ has failed – Putin

The Russian economy has withstood the sanctions pressure, according to the president.

Western nations have failed in their attempts to destabilize the Russian economy with sanctions, Russian President Vladimir Putin said at a government meeting on economic issues on Monday.

“The situation is stabilizing, the ruble exchange rate has returned to the levels of the first half of February and is supported by a strong balance of payments… Foreign cash is returning to the country’s banking system, and the volume of deposits by citizens is growing. As for the consumer market, after a short rush to buy a number of goods… retail demand has returned to normal. Commodity stocks in retail chains are recovering,” Putin said.

Overall, he noted that sanctions have failed to break the country’s economy.

“The goal [of sanctions] was to quickly undermine the financial and economic situation in our country, provoke a panic in the markets, trigger a collapse of the banking system and a large-scale shortage of goods in stores. But this policy has failed – the economic blitzkrieg has run aground,” the Russian president stated.

Meanwhile, according to Putin, the sanctions have backfired on the countries that introduced them, namely the US and the EU, leading to a spike in inflation and unemployment in these countries, a worsening of the standard of living of its citizens, and devaluation of their savings.

Putin acknowledged that Russians have also felt the impact of the sanctions on their family budgets, as prices in the country over the past month and a half have jumped by 9.4%, and annual inflation surged to 17.5% as of April 8. The president noted, however, that prices are now showing signs of stabilizing, and he vowed to introduce further measures to help the population.

“We need to support our citizens, help them cope with the inflationary wave. In this regard, let me remind you that we made a decision to raise all social payments, pensions and salaries of residents employed in the public sector,” he said.

According to Putin, restrictions placed on the country have negatively affected businesses, complicating the logistics of export and import deliveries and creating obstacles for making payments. The president noted that in order to improve the situation, Russia needs to speed up the transition to national currencies in foreign trade settlements.

“It is necessary to provide maximum assistance to entrepreneurs in solving these problems, including speeding up the transition of foreign trade to settlements in rubles and in the national currencies of countries that are reliable business partners,” he said.

According to the president, the key task for the government at the moment is the long-term stability of the financial system at both the federal and regional levels.

Russia has faced unprecedented sanctions from the US and its allies in retaliation to Moscow’s military operation in Ukraine. In less than two months, Russia has become the most sanctioned country in the world. Moscow says it is now subject to more than 6,000 different targeted restrictions. That is more than Iran, Venezuela, Myanmar, and Cuba combined.

Source:RT News

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7 COMMENTS

  1. The West is still trying to steal the russian resouces dividing it to many smaller countries. This has been a long term plan and slowly executed at all level. The game is not over yet.

    The entire Western media is on spreading russphobia and sinophobia and they have succeeded in mass psycological formation. Scary days are ahead.

  2. Yes, a good read. Looks like he is the only one with a brain in the whole debacle. The Yanks seem to have forgotten, or totally unaware, the Russians have a lot of experience in this regard. The Mongol Horde, the Bolshiviks, the siege of the German army, Stalin and the Gulags, none of which Americans have experienced.

    They may have softened up a bit and since Gorbachev, but they have a resolve that the West will never understand. Biden picked the wrong man to tangle with, no doubt about it.

  3. MSM pundit and ***** Mahuta does not seem to know that ICC is not recognised by US, and they even imposed sanctions on ICC officials in 2018 under the “The Hague Invasion Act”. According to her: “New Zealand continues to condemn Putin’s war and supports the International Criminal Court’s investigations into the atrocities committed against the citizens of Ukraine,” .

    https://www.rnz.co.nz/news/political/465525/nz-targets-russian-banks-in-latest-sanctions-over-ukraine-war

    Mahuta may not even know how to Google to be honest. She is probably reading the notes written by others in press conferences.

    First Come First Served. I am hoping Mahuta first call US & NATO to be investigated Afghanistan war crimes. Oh Lord, we were also part of Afghanistan war. Never mind, public are fools, Mahuta is assured by MSM.

    How does she sleep at night?

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