Friday, June 21, 2024

Russian economy has withstood “unprecedented” Western pressure: Putin

Russia's economy has withstood "unprecedented external pressure" from the West, Russian President Vladimir Putin has said.

He described the economic situation in the country as “stable and balanced” and praised the resilience of Russia’s economy.

“In general, we can say that the stage of recovery of the Russian economy is complete,” Putin said in a speech via videolink at a meeting focused on the draft federal budget for 2024–2026.

“We have withstood absolutely unprecedented external pressure, the sanctions onslaught of some ruling elites in the so-called Western bloc – some ruling elites in individual countries that we call unfriendly.”

According to Putin, Russia’s GDP has reached the level last seen in 2021, and now the government is set to create conditions for “further stable and long-term development.”

Putin further disclosed that oil and gas budget revenues in July-August nearly recovered to last year’s levels and continued actively growing.

However, Russia’s ruble last month plunged to 17-month lows, sinking at one point to less than a penny. Russia’s central bank responded by calling an emergency meeting and spiking interest rates to stem the bleeding. The United States has steadily imposed sanctions on Russia and the US official said Washington plans to continue doing so in a bid to ramp up pressure.

Recently, Putin denounced the West’s sanctions campaign at an economic summit held in South Africa. The West has imposed heavy sanctions on Moscow, targeting oligarchs, imposing a price cap on oil, banning imports of Russian oil and gold, targeting military equipment and limiting exports of key technology that feed the wear machine.

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