As Russia reels from economic sanctions by the West, the country’s president warns that the economic fallout will have global repercussions.
President Vladimir Putin has said that the West had triggered a global economic crisis and a waveof ruinous inflation by imposing on Russia the most severesanctions in recent history over the conflict in Ukraine.
Putin's February 24 order of a "special military operation" inUkraine prompted the United States and its allies to imposesweeping sanctions on Russia and the Russian elite, steps theKremlin chief casts as a declaration of economic war.
The West's sanctions, Putin said on Thursday, were fomenting a globalcrisis that would whiplash against the European Union andtrigger famine for some of the world's poorest countries.
"The blame for this lies entirely with the elites of Westerncountries who are ready to sacrifice the rest of the world tomaintain their global dominance," Putin said at a televisedgovernment meeting on the economy.
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Record wheat harvest, strong rouble
Still, Putin said, Russia was coping with the pressure.
"Russia is confidently coping with external challengesthanks to both the responsible macroeconomic policies of recentyears and systemic decisions to strengthen economic sovereignty,technological and food security."
The West's attempt to economically isolate Russia – one ofthe world's biggest producers of natural resources – haspropelled the global economy into uncharted waters with soaringprices 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 thebest-performing currency this year.
The rouble firmed to 65 against the dollar on Thursday, alevel last seen in early 2020, driven by capital controls thatMoscow 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.
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