3 yıl önce

Putin: Western sanctions causing global economic crisis

As Russia reels from economic sanctions by the West, the country's president warns that the economic fallout will have global repercussions.

Reuters

Putin says Russia, one of the world's largest wheat exporters, is on track to collect a potentially record harvest this year.

President Vladimir Putin has said that the West had triggered a global economic crisis and a wave of ruinous inflation by imposing on Russia the most severe sanctions in recent history over the conflict in Ukraine.

Putin's February 24 order of a "special military operation" in Ukraine prompted the United States and its allies to impose sweeping sanctions on Russia and the Russian elite, steps the Kremlin chief casts as a declaration of economic war.

The West's sanctions, Putin said on Thursday, were fomenting a global crisis that would whiplash against the European Union and trigger famine for some of the world's poorest countries.

"The blame for this lies entirely with the elites of Western countries who are ready to sacrifice the rest of the world to maintain their global dominance," Putin said at a televised government meeting on the economy.

Record wheat harvest, strong rouble

Still, Putin said, Russia was coping with the pressure.

"Russia is confidently coping with external challenges thanks to both the responsible macroeconomic policies of recent years and systemic decisions to strengthen economic sovereignty, technological and food security."

The West's attempt to economically isolate Russia - one of the world's biggest producers of natural resources - has propelled the global economy into uncharted waters with soaring prices for food and energy.

As an example of Russia's sound performance under sanctions, Putin pointed at the rouble's strength, saying it had become the best-performing currency this year.

The rouble firmed to 65 against the dollar on Thursday, a level last seen in early 2020, driven by capital controls that Moscow had to impose to shield the economy.

Putin also said that Russia, one of the world's largest wheat exporters, was on track to collect a potentially record harvest this year.

Putin told his ministers on Thursday he wanted to discuss steps needed for steady economic development and an increase in real incomes. Inflation in Russia is on track to post its highest reading since 1999.