According to Russian President Vladimir Putin, the “financial blitzkrieg” of Western countries has failed. However, the Russian leader advised officials and citizens to prepare for rising unemployment and further weakening of the ruble.
“I admit that this is not an easy time for all of us,” Putin was quoted by AFP as saying. “However, we must make it clear that this blitzkrieg financial war against Russia has failed,” he added.
The Russian leader emphasized that the Russian Federation will face many economic challenges in the near future, including a “temporary” rise in inflation and unemployment.Bloomberg reports.
– He added that the new challenges require us to make deep structural changes in the Russian economy – and he added – changes that will not be easy to implement -.
During a meeting with officials, Vladimir Putin ordered his subordinates to increase social benefits and ensure the supply of basic consumer goods to the country in order to curb price hikes. Consumer spending has increased by a trillion rubles ($9.5 billion) since Russian forces attacked Ukraine as Russians began stockpiling food and other essential products, according to Bloomberg.
See also: Russia bankruptcy. It’s a bigger problem than Russia’s sovereign debt
According to Agence France-Presse, Putin had to reassure officials that the Russian state has “all the necessary means to meet the long-term challenges.”
The current situation is, of course, a big test for us. I am convinced that thanks to our hard work, we will be able to survive with dignity this time. We will overcome all difficulties, said Putin.
The Kremlin threatens to nationalize
The Russian President’s meeting with Kremlin officials was related to Another round of Western economic sanctions imposed on Russia by the United States, Great Britain, the European Union and other Western countries. These measures target key institutions such as the Russian Central Bank and wealthy businessmen linked to the Kremlin.
In response to the sanctions, the Russian Central Bank decided to raise the benchmark interest rate from 9.5%. Up to 20 percent and increase the purchase of gold.
In response to Russia’s aggressive stance towards Ukraine, many Western companies, including McDonald’s, Coca-Cola and even oil giants such as BP decided to withdraw from the Russian market.
The Russian leader warned Western companies that the decision to stop operations in Russia could lead the country’s authorities to confiscate the companies’ assets and even Nationalization of some foreign companies.
rally. Adam Hughes
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