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Russian President Vladimir Putin admitted on Wednesday that sanctions imposed on Russia over its invasion of Ukraine could have negative consequences for the country’s economy.
“The sanctions imposed on the Russian economy in the medium term can really have a negative impact on it.”Putin warned during a televised meeting with the government.
Putin has so far played down the consequences of the sanctions, which affect many sectors of activity, including the strategic hydrocarbons sector.
More than a year after the start of the offensive in Ukraine, “unemployment is at its lowest level,” at 3.6 percent, Putin was quoted as saying by the French news agency AFP.
Putin noted that inflation would “fall below 4%” by the end of March, after rising to nearly 20% in the spring of 2022.
“But this does not mean that all problems have already been solved”warned.
“Returning to a growth path should not slow us down,” Putin said, calling for “Russia’s economic sovereignty to be ensured.”
Putin urged the government and economic leaders to “ensure the rapid start-up of new projects in manufacturing industries, especially in the production of high-tech products,” a sector hit by the departure of many specialists abroad.
“Our financial system has to play an important role in meeting the needs of exporters. And we have to replace the Western companies that were working in that position.”he stated.
At a summit with his Chinese counterpart Xi Jinping a week ago in Moscow, Putin called on Chinese companies to replace those that had left Russia since he ordered the invasion of Ukraine on February 24, 2022.
The two leaders expressed a willingness to deepen economic ties between the two countries, but many observers saw the summit as a sign of Moscow’s growing dependence on Beijing, according to Agence France-Presse.
The Chinese economy has largely absorbed Russian oil and gas exports, which are the target of Western sanctions.
While these new markets have allowed Russia to partially make up for lost markets in Europe, the reliance of Asian heavyweights China and India is a strong position to negotiate lower prices.
Speaking to the Federal Assembly in late February, Putin called on Russian oligarchs to repatriate their capital to Russia to support the national economy.
In a show of solidarity with Ukraine, Western allies have ordered successive packages of economic sanctions against Russia to try to prevent Moscow from financing its war effort.
In addition to the sanctions, Kiev’s allies have also supplied the Ukrainian armed forces with weapons to counter Russian troops.
With the exact number of civilian and military casualties unknown, the war in Ukraine has plunged Europe into its worst security crisis since World War II (1939-1945).
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