As Vladimir Putin said, the Russian economy has withstood “unprecedented external pressure” from the West.
Speaking during the discussion on the draft state budget, the Russian president described the economic situation in the country as “stable and balanced” and praised the resilience of the Russian economy.
– In general, we can say that the phase of recovery of the Russian economy is complete, Putin said in a speech delivered via video link at a meeting devoted to the draft of the federal budget for 2024-2026.
– We have absolutely resisted unprecedented external pressure, an onslaught of sanctions from some ruling elites in the so-called Western bloc. We call the ruling elites in individual countries unfriendly, he added.
According to Putin, Russia’s GDP has reached levels last recorded in 2021. The government’s current task is to create conditions for “further stable long-term development.” Putin also revealed that budget revenues from oil and gas returned almost to last year’s levels in July and August and continue to actively grow.
However, the value of the Russian ruble fell to the lowest level in seventeen months last month. In response, the Russian central bank called an extraordinary meeting and raised interest rates to salvage the situation. The United States continues to impose sanctions against Russia. A source in Joe Biden’s administration indicated that Washington plans to continue such actions to increase pressure on Moscow.
Putin recently condemned the Western sanctions campaign during an economic summit in South Africa. As a result of the outbreak of war in Ukraine, the West imposed strict sanctions on Moscow, targeting the oligarchs. It imposed a price ceiling on crude oil, banned the import of Russian oil and gold, and imposed restrictions on the export of key technologies that power Russia’s economy.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.