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President Vladimir Putin said Western sanctions imposed on Russia for invading Ukraine could bring “negative” consequences for the country.
“The sanctions imposed against the Russian economy in the medium term could really have a negative impact,” Putin said in a televised meeting with the government.
Putin has repeatedly said Russia is dealing with the economic sanctions targeted at its oil and gas exports.
He said in his address that unemployment in the country “remains at an all-time low,” while inflation is expected to “drop below four percent” by the end of March. However, “the return to a growth trajectory should not make us feel relaxed.”
“We need to support and strengthen the positive trends in our economy, increase its efficiency, ensure technological, personnel and financial sovereignty,” he said.
Putin called for the government to “act quickly and without unnecessary bureaucracy and delays”.
Russia was placed under sanctions after it had invaded Ukraine in 2022. The EU, the US and many other countries imposed extensive economic sanctions on Russia to restrict Russia’s financial and technological capabilities for warfare.
On 28 February 2022, the Central Bank of Russia was blocked from accessing more than $400 billion in foreign-exchange reserves held abroad.