Russian President Vladimir Putin acknowledged that the sanctions imposed against the country are working. According to him, soon the Russian economy is experiencing the negative impact of restrictions. Although quite recently the owner of the Kremlin assured that Russia only benefited from breaking ties with the West.
He stated this at a meeting with members of the government of the Russian Federation. The Russian president called the sanctions themselves “illegitimate.”
“We need to improve the efficiency of our economy, ensure technological, human and financial sovereignty. We need to act quickly – because the illegitimate restrictions imposed on the Russian economy in the medium term may negatively affect it,” Putin said.
Such a statement is not standard for Putin. Recently, on March 15, during a visit to an aircraft factory in Ulan-Ude, the Russian dictator said the opposite: Western sanctions and the war are supposed to benefit the Russian economy.
“I think that last year was only beneficial, given that we have become much more sovereign and independent,” Putin said at the time. He also called the most important result of 2022 “a multiple increase in Russia’s economic sovereignty.”
Putin confirmed US data
Putin made his new statement after the publication of an article in the American edition of The Wall Street Journal, which states that the Russian economy is beginning to fall apart. Its authors note that the time when Russia received huge revenues from the sale of oil and gas against the backdrop of rising prices after a full-scale invasion of Ukraine is over. Yes:
- Western sanctions are getting tougher;
- Russia’s state revenues are shrinking;
- the growth of its economy has declined for a long time;
- gas and oil, the country’s largest export commodities, have lost major customers;
- since November, the ruble has fallen by more than 20% (against the dollar);
- the workforce has dwindled as young people go to the front or flee the country in fear of being drafted into the army;
- uncertainty is holding back investment in the business.
At the same time, it is noted that the loss of European markets not only negatively affects the Russian economy. But it actually turns the country into a colony of China.
“The Russian economy is entering a long-term regression. … Having largely lost its European market and Western investors, Moscow is becoming increasingly dependent on China, which threatens to turn it into an economic colony of its dominant neighbor,” the authors of the material state.
As GLOBAL HAPPENINGS reported, Russia has significantly increased spending on the war against Ukraine. They already make up three-fifths of the state budget of the aggressor country, which threatens the existence of the Russian economy as such. Its collapse is already actively discussed by the world media.
Source: Obozrevatel
I am a journalist who writes about economics and business. I have worked in the news industry for over 5 years, most recently as an author at Global Happenings. My work has focused on covering the economy news, and I have written extensively on topics such as unemployment rates, housing prices, and the financial crisis. I am also an avid reader and have been known to write about books that interest me.
