Western sanctions on Russia failed – Putin

The expected economic destabilization resulting from the “theft” of Russia’s foreign exchange reserves by the West did not materialize, President Vladimir Putin stated on Tuesday.

According to Putin, the economy has overcome all of the sanctions-related risks and is actually entering a new cycle of economic development.

“There are opportunities for a breakthrough in many areas,” he said, addressing the Federal Assembly in his key annual program speech.

Putin noted that Russia’s GDP in 2022 decreased by just 2.1%, according to the latest data, despite Western projections of a decline of up to 20%.

The government poured in more than 1 trillion rubles (over $13 billion) to support the economy amid the Western sanctions, he said.

“The sanctions have provoked price increases and other problems in the West itself, but they are trying to blame Russia for everything,” Putin stated.

The president called on the government to bring the economy to new frontiers of development.

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