Despite unprecedented Western sanctions against Russia, ruler Vladimir Putin sees the superpower on the road to success. The 2020s should be a time of “consolidating economic sovereignty for Russia,” Putin wrote in a welcoming address to participants at the 25th St. Petersburg International Economic Forum.
Next Friday, the Russian president wants to explain how to proceed with a view to the sanctions imposed by the West because of the Russian war of aggression in Ukraine. “The anniversary meeting comes at a difficult time for the global community,” Putin said. The West sees the 69-year-old responsible for numerous crises and the high prices for energy and food.
“Years of Mistakes” by the West
The Kremlin boss dismissed this: “Years of Western countries’ economic policy mistakes and illegal sanctions have led to a wave of global inflation, the destruction of traditional supply and production chains and a sharp increase in poverty and food shortages.”
Sanctions offer “new perspectives”
Putin has repeatedly made it clear that Russia will not be impressed by EU and US sanctions. At the same time, he said the situation offered new perspectives. Under the motto “New World – New Opportunities”, representatives from more than 100 countries are expected in St. Petersburg. Given the enormous tensions with the West, Russia is economically increasingly orienting itself towards Asia, especially China and India, but also Africa and South America.
Gas is increasingly diverted
For example, Russia is increasingly transferring its oil and gas supplies from the EU to other regions of the world. The country currently generates particularly high income due to high oil and gas prices on the world market. The national currency also recovered significantly almost four months ago, after depreciating against the dollar and the euro at the start of the war. The ruble is stronger now than it has been in years.
“Certain optimism” for the economy
Despite the extensive sanctions imposed by the West, representatives of the Russian leadership were no longer so gloomy about the development of the economy and inflation at home. There is reason for a “certain optimism,” said Russian Economy Minister Maxim Reschetnikov at the economic forum. “The first quarter results and preliminary estimates for April and May show that things are going better” than previously expected in the forecast.
Inflation will be “significantly” lower than the latest forecast of 17.5 percent by the end of the year, Reshetnikov said. He also called limiting the decline in gross domestic product (GDP) to five to six percent “absolutely feasible”. In May, the ministry had estimated the expected decline in GDP at 7.8 percent.
President Putin’s planned speech was postponed due to a cyber attack on the Economic Forum. Kremlin spokesman Dmitry Peskov said specialists are working to fix the problem, Reuters reported Friday afternoon.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
