Putin called sanctions against Russia insane and thoughtless

The calculation of Western countries that sanctions would ruin the Russian economy has not materialized, President Vladimir Putin said. According to him, we need to seize the moment and develop the country's economy further

Vladimir Putin

The sanctions imposed by Western countries against Russia are thoughtless and crazy, Russian President Vladimir Putin said during his speech at SPIEF. The event is being broadcast on RBC.

Putin pointed out that the speed with which they were introduced and the number of restrictions that Russia faced are unprecedented.


< p>“The calculation was clear” to crush the Russian economy with a swoop, with a swoop, by destroying business chains, forcibly withdrawing Western companies from the Russian market, freezing domestic assets, hitting industry and finance, and the standard of living of citizens. Did not work out. Obviously it didn't work out. Did not take place, — stressed the president.

According to him, this was facilitated by the coordinated actions of the government, business and citizens, who “showed unity and responsibility.”

“First we stabilized the financial sector, then we began to saturate the economy with liquidity and working capital” to maintain the sustainability of enterprises and companies, employment and jobs. Gloomy forecasts regarding the prospects for the Russian economy did not come true,— said Putin.

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The President also noted that only the direct losses of the European Union “from the sanctions fever” for the coming year may exceed $400 billion. Putin said.

According to him, “the very construction of Western sanctions” was built on the false thesis that Russia is not sovereign from the point of view of the economy and is critically vulnerable. “They were so carried away by the spread of the myth about the backwardness of Russia and the weakness of Russia’s position in the world economy and trade that they themselves believed it,” — says the president.

At the same time, according to him, the country had already changed radically by the time the massive sanctions were introduced— as a result of the planned work of the government “to create a sustainable macroeconomic structure”, ensuring food security, import substitution and the formation of its own payment system, the president believes.

Putin agrees that sanctions have created new challenges for businesses, but he says they “open up new opportunities” to develop the country's economy and create, among other things, technological sovereignty.

Western countries began to impose sanctions against Russia after the start of a military special operation in Ukraine, the goals of which Putin called the protection of the inhabitants of Donbass from « genocide by the Kyiv regime. In response, Ukraine severed diplomatic relations with Russia, introduced martial law and mobilization.

Since the end of February, six packages of European sanctions have been put into effect against Moscow, including a partial embargo on Russian oil supplies, a freeze on the assets of the Central Bank, a ban on financial transactions, sectoral restrictions and sanctions against a number of individuals.

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Vladimir Putin

politician, President of Russia

October 7, 1952

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