Russian President Vladimir Putin has asserted that Western sanctions against Moscow are proving ineffective and are, in fact, inflicting greater economic damage on the countries that imposed them, while Russia’s economy continues to grow.
Speaking at the plenary session of the St. Petersburg International Economic Forum (SPIEF), Putin said Russia has maintained stable macroeconomic fundamentals, seen rising household incomes, and experienced a resilient domestic market, despite years of Western government sanctions.
“You will talk about sanctions, but the economy is still developing. It’s all stable. Even the domestic market is growing in Russia, and the well-being of the Russian population is getting better,” Putin stated.
The Russian leader maintained that the country’s economic indicators demonstrate resilience under external pressure, adding that Moscow had already surpassed some of its social and economic targets ahead of schedule.
“We set ourselves an objective that by 2030 we want to reduce the poverty level down to 7 per cent. Actually, we have achieved the level of 6.7 per cent already now in 2026, which is a bit sooner than expected,” he said.
Putin argued that the core foundations of Russia’s economy remain intact despite international restrictions linked to the war in Ukraine and geopolitical tensions with Western nations.
“The key macroeconomic fundamentals are stable for the Russian economy. That is why despite all the obstacles, the fundamentals of the well-being of the Russian economy remain stable and have good prospects for further development,” he commented.
He also described the current economic slowdown in Russia as a controlled and deliberate policy measure rather than a sign of instability, insisting there was no threat to the country’s broader economic outlook.
Putin further claimed that investors and businesses continue to show confidence in Russia despite ongoing geopolitical risks and sanctions pressure.
“Any business, any company is always carefully analysing all the risks for today and for some mid-term and further away future. But there are people who are willing to work and do business,” he observed.
The Russian president also linked the country’s economic direction to its military objectives, stating Moscow would continue pursuing its strategic goals until they are achieved.
“For military action, we proceed from the perception that at some point they will be completed, and they will be completed only once the goals that we have set ourselves are achieved,” Putin said.
Western nations imposed sweeping sanctions on Russia, targeting its banking sector, energy exports, trade networks, and political elite, following the start of the conflict in Ukraine, measures that were designed to isolate Moscow economically and weaken its war capabilities.
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