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Business

Western sanctions create ‘new opportunities’ – Putin

Restrictions meant to weaken Russia are propelling economic growth, according to the president

© Getty Images / Anadolu Agency / Contributor

Russia has withstood Western pressure intended to cripple its economic growth and has become stronger, President Vladimir Putin said on Thursday at an extended meeting of the Presidium of the State Council.

The US and its allies first introduced sanctions against the country in 2014 in response to events in Crimea. The peninsula became part of Russia following a referendum, after the region refused to support the coup that overthrew Ukraine’s elected government. The Western countries have significantly raised the pressure since February 2022, imposing harsh restrictions following Russia’s military operation in Ukraine.

“These restrictions, both after 2014 and now, that are imposed on us from the outside, stimulate development. Yes, in some cases they slow us down, in others they force us to postpone previously made decisions… but, nevertheless, new opportunities appear,” Putin stressed.

Putin also revealed earlier this week that the country’s GDP has regained levels achieved prior to the imposition of Ukraine-related sanctions and that it was important to create conditions for stable and further long-term development.

The Russian government has maintained a positive outlook for the economy. Prime Minister Mikhail Mishustin has predicted that by 2024, Russia will be primed to overtake other developed countries in terms of economic growth.

For more stories on economy & finance visit RT’s business section

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