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Putin says Russian economy does well, shows growth despite sanctions

Thursday, 09 February 2023 10:54 PM [ Last Update: Friday, 10 February 2023 5:05 AM ]

Russian President Vladimir Putin has announced that despite the West's economic sanctions against the nation, the country was doing well and economists expected to see growth this year.

"For many of those who tried and are trying to create problems for us, it was a surprise how effectively we are countering the threats in the economy and in certain sectors of production," Putin said in a televised meeting with senior officials on Thursday.

"International institutions have to acknowledge that not only has Russia coped with the shocks that were expected ... slight growth is expected in the Russian economy this year," the Russian leaders said.

Moscow has acknowledged that it initially faced some problems due to the West's economic sanctions slapped on the nation in the past year over its military operation in Ukraine; however, its economy had now adjusted and the sanctions had boomeranged against the West by driving up inflation and energy prices.

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At the meeting, Putin bade foreign companies which had left Russia since last February good bye, saying their departure would benefit Russian companies.

He said those companies had suffered major losses as a result of exiting Russia's large and lucrative market.

"Today many of them (Western brands), under pressure from their governments, are leaving our market. All the best to them," he said, briefly waving his hand in a farewell gesture.

"Nothing (in Russia) has collapsed and nothing is falling apart. Our companies and entrepreneurs are picking up these enterprises, and even entire sectors, and continue this work very successfully," Putin added.

Scores of Western companies - from energy producers to food and clothing chains - have left Russia in the last year, amid an unprecedented slew of US-led sanctions slapped by the western allies after Russia began its special operation in pro-Russian regions in eastern Ukraine.

Putin says no sanction can put any Iron Curtain over Russia’s economy

The Russian president says no Iron Curtain will fall over his country’s economy despite the West’s sanctions.

In related news, European Commission President Ursula von der Leyen said on Thursday that the EU aimed to impose fresh sanctions against Russia.

The new sanction will include new export bans worth more than 10 billion euros ($10.7 billion), von der Leyen said during a joint press conference with Ukrainian President Volodymyr Zelensky.

The sanctions "will further starve Russia's military machine and shake the foundations of its economy", she claimed.

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