These effects could materialize “in the medium term”, the Russian head of state said on Wednesday.
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Published on 03/29/2023 21:42
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President Vladimir Putin chairs a meeting outside Moscow, Russia, March 29, 2023. (GAVRIIL GRIGOROV / SPUTNIK / AFP)
A first confession. Vladimir Putin admitted for the first time on Wednesday, March 29, that the international sanctions against Moscow could have “negative” consequences for the national economy in the “medium term”.
Since the start of the conflict, a flurry of sanctions has hit many sectors of Russian operations, including the strategic hydrocarbons sector. If unemployment in Russia is “at its lowest point” at 3.6% and inflation “will fall below 4%”, said Vladimir Putin, “it does not mean that all problems have already been solved”, he warned.
“Replace western companies”
“The return to a growth path should not let us relax,” he further supported in a rare indictment, calling for Russia’s “guarantee of economic sovereignty”.
Vladimir Putin therefore called on the government and business leaders to “ensure the rapid launch of new projects in the manufacturing industry, especially in the production of high-tech products,” a sector affected by the brain drain of many skilled workers from abroad. “Our financial system should play an important role in meeting the needs of exporters. And we need to replace the Western companies that have been in this niche.”
Vladimir Putin’s comments come a week after a summit in Moscow with his Chinese counterpart Xi Jinping, at which the two leaders said they wanted to “deepen” Russia-China economic ties. However, many observers saw this as a sign of Moscow’s growing dependence on Beijing, whose economy has largely captured Russian gas and oil exports, which are targets of Western sanctions.
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