Putin Asserts Russian Economic Resilience Amid Sanctions

President Vladimir Putin stated that the Russian economy continues to grow despite heavy international sanctions, emphasizing expanded economic ties with Africa, the Middle East, and Asia at the St. Petersburg International Economic Forum. He also warned of potential long-range weapon transfers to counter NATO support for Ukraine.

PTI | Stpetersburgh | Updated: 07-06-2024 18:31 IST | Created: 07-06-2024 18:31 IST
Putin Asserts Russian Economic Resilience Amid Sanctions

President Vladimir Putin declared on Friday that the Russian economy is resilient and continues to grow despite severe international sanctions. Speaking at the St. Petersburg International Economic Forum, he highlighted Russia's strengthened economic connections with Africa, the Middle East, and Asia as he sought to attract investors.

Addressing leaders from Bolivia and Zimbabwe, plus business executives, Putin asserted that Russia remains a key player in global trade. This is despite significant sanctions imposed due to its military actions in Ukraine, which have led Western officials and investors to largely boycott the forum.

The primary factor behind Russia's economic growth is its ongoing military conflict in Ukraine, now crucial to the Kremlin's economic and political strategy. While some imported goods are scarce and international brands have vanished, the economy remains stable thanks to substantial state spending on military equipment and payments to volunteer soldiers.

In a rare media appearance, Putin took questions from international journalists, including those from Western countries he has previously criticized. He issued a stern warning that Russia could supply long-range weapons to strike Western targets in retaliation for NATO's provision of arms to Ukraine. Additionally, he reiterated Moscow's readiness to deploy nuclear weapons if its sovereignty is threatened.

Notably, journalists from nations deemed unfriendly by Russia, such as the US, the UK, and the European Union, were not invited to last year's forum.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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