Putin: Despite Sanctions, Russia Still Outperforming Many G20 Nations

It’s becoming a repeating trend which is both confounding and frustrating western ‘experts’: despite supposed crippling sanctions by the US, UK and EU governments, Russia continues to overcome the West’s economic attacks. Ever since Russia’s Special Military Operation in Ukraine, the Central Bank of Russia, and Rosstat, the official statistics agency, have stopped publishing data on key areas such as trade to investment. This has caused many to doubt Moscow’s claims of stability and resilience in the face of a barrage of western sanctions. However, despite the opacity, the economic fundamentals still remain surprisingly robust. 

President Putin believes that the stability of the Russian economy is due to combined efforts by government and business. 

One thing is certain though: more economic tremors are coming in the new year, which means Russia will have to continue to consolidate its industrial, financial and supply chain networks in order to remain buoyant and competitive…

RT International reports…

Russia is showing better economic results than many of the G20 nations despite the mounting sanctions pressure, President Vladimir Putin has stated. He made the remarks on Thursday at a press conference following a meeting of the Russian State Council, a top advisory body.

“As for the economy, despite the collapse, disarray and catastrophe predicted for us in the economic sphere, nothing of the kind has happened. Moreover, Russia demonstrates much better results than many countries of the G20, and demonstrates it consistently,” Putin said, adding that he was referring to macroeconomic indicators.

This has been achieved thanks to the efforts of those in government, business, and other economic actors, the president stressed.

“The labor market is stable. State finances are stable, there are no concerning moments there either. All this is not the result of something that fell from the sky. This is the result of the work of the government, regional teams, business, and the overall spirit in society, which demonstrates unity and the desire to work together to achieve the goal,” Putin noted.

One of the prime targets for Western sanctions before, Moscow has been subjected to multiple new waves of assorted restrictions over the conflict in Ukraine, which broke out in late February. The EU alone has so far adopted nine rounds of sanctions, targeting various sectors of the Russian economy and banking, banning exports, and personally pursuing Russian businessmen and public officials.

The continuous efforts to restrict the Russian fossil fuel trade have repeatedly been cited by numerous experts and officials as among the key causes of the ongoing energy crisis in the EU. Earlier, Putin likened such a policy on the bloc’s part to economic “suicide.”

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