Putin claims sanctions affect all, cites growing inflation across Western economies

Amid the ongoing war with Ukraine, the Russian President claimed that anti-Russian sanctions appear to have backfired also on those who imposed them, and that Western nations haven't experienced such high inflation levels in decades. Speaking at the Eurasian Economic Forum on Thursday, Vladimir Putin stated that the current status of the world economy reveals that Russia's position is correct and appropriate, even when looking at macroeconomic indicators. "These developed countries haven't seen such inflation in 40 years. Unemployment is on the rise, supply chains are being broken, and global crises are intensifying. And in such sensitive areas like food - this is not a joke, these are serious things, which affect the entire system of economic and political relations," he added, as per Sputnik news agency. 

President Putin also cautioned that the West's freezing of hundreds of billions of dollars in Russian assets overseas will not lead to anything good in the long term. "The violation of the rules and norms in the field of international finance and trade cannot lead to anything positive. It will only lead to problems for those who engage in such behaviour. The theft of other people's assets has never brought anything good for anyone - especially those who engage in such malign activities," he remarked. 

Russia won't isolate itself from advanced technologies of developed nations: Putin

Speaking about foreign companies' mass exodus from Russia since the onset of war, Putin stated that their departure might be a blessing in disguise as domestic manufacturers taking their place and market share in the country. He also stated that the country has no intention of isolating itself from the advanced technologies of developed countries. He also claimed that the West will be unable to "push" Russia out of the modern world and deny it access to such technology. 

Furthermore, the Russian president emphasised that the progress of Eurasian integration could not be linked to the current political scenario in the world. He also mentioned that the integrative process began in the mid-1990s at the initiative of former Kazakhstan President Nursultan Nazarbayev. He claimed that the Eurasian Economic Union (EEU) had already reached a 75% rate of settlements in national currencies. Notably, the EEU comprises of Russia, Belarus, Armenia, Kyrgyzstan and Kazakhstan. 

Greater Eurasian Partnership initiative could evolve into a 'civilizational project': Putin  

President Putin also claimed that the Greater Eurasian Partnership initiative, which is backed by the EEU and major world powers like India and China, may evolve into a "civilizational project" that transforms global political and economic structures. The main idea is to create a common space of equality-based cooperation for regional organizations. The Greater Eurasian Partnership is designed to change the political and economic architecture, taking into account the diversity of development models, cultures and traditions of all its people," he said, as per Sputnik. It should be noted here that the idea of a Greater Eurasian Partnership was first proposed by Russia in 2016. 

Image: AP