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.
(SPUTNIK / Reuters)
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.
READ MORE: Countries vow to secure food security as Ukraine conflict disrupts supplies
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.
READ MORE: Oil giants Exxon, Chevron increase spendings amid Ukraine crisis
READ MORE: Soaring food prices threaten to stoke ‘unrest’ in Africa, IMF warns
Source: TRTWorld and agencies
As Russia reels from economic sanctions by the West, the country’s president warns that the economic fallout will have global repercussions.
(SPUTNIK / Reuters)
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.
READ MORE: Countries vow to secure food security as Ukraine conflict disrupts supplies
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.
READ MORE: Oil giants Exxon, Chevron increase spendings amid Ukraine crisis
READ MORE: Soaring food prices threaten to stoke ‘unrest’ in Africa, IMF warns
Source: TRTWorld and agencies
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