Russian President Wladimir Putin said on Wednesday sanctions imposed Russia for his invasion of Ukraine could affect the country.
What happened: Putin said at a televised meeting with the government: “The Sanctions against the Russian economy could have a really negative impact in the medium term.”
The Russian President said the unemployment rate in the country is currently at a record low, adding inflation would fall to less than 4% by the end of March, after rising in the spring of last year.
But “the return to a growth course shouldn’t relax us,” Putin added.
“We must support and strengthen the positive trends in our economy, increase its efficiency, ensure technological, human and financial sovereignty,” Putin said.
He urged his officials to “act swiftly and without unnecessary bureaucracy and delays.”
From the beginning of the invasion, Putin had maintained that the Western sanctions aim to weaken the Russian economy were ineffective and instead had a larger impact on Europe and the US
Earlier this month, however, he made a U-turn and urged Russian billionaires to invest at home to prop up the economy in the face of Western sanctions. “A responsible businessman is a true citizen of Russia, of his country, a citizen who understands its interests and acts on their behalf,” Putin said.
Also read: Putin’s Russia fires supersonic cruise missiles at an enemy warship in the Sea of Japan
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