Putin holds key meet on current scenario, says West's economic blitzkrieg strategy failed

Russian President Vladimir Putin held a meeting on socio-economic issues via video conference wherein he said that Moscow has managed to withstand the sanctions pressure from the West, and that the attempt of Western countries to shatter the banking system of Russia has failed. Putin iterated the West’s sanctions have failed to collapse the Russian economy. Kremlin also said that Russia's "special military operation" has been progressing as planned. It infomred that the contacts continue at the expert level within the framework of the negotiation process with Ukraine officials but the Ukrainian side "does not show much constancy on the mutually agreed points".

West's 'economic blitzkrieg strategy' failed

Russian president meanwhile stated that the “economic blitzkrieg strategy” of the West has failed. "Obviously, the main negative factor for the economy recently has been the sanctions pressure, the next sanctions pressure from Western countries. The calculation was to quickly undermine the financial and economic situation in our country, provoke a panic in the markets, the collapse of the banking system, a large-scale shortage of goods in stores. But we can already confidently say that such a policy towards Russia has failed," he asserted. 

Furthermore, Putin added that the sanctions “were not in vain for the initiators themselves, I mean the growth of inflation and unemployment, the deterioration of economic dynamics in the United States and European countries , the decline in the living standards of Europeans, the devaluation of their savings. Russia, as I already said, withstood this unprecedented pressure. The situation is stabilising.” 

Putin’s crucial meeting was attended by Prime Minister of the Russian Federation Mikhail Mishustin , Head of the Kremlin Administration Anton Vaino , Deputy Prime Minister Andrei Belousov, Assistant to the President of the Russian Federation Maxim Oreshkin, Minister of Economic Development Maxim Reshetnikov, Minister of Finance Anton Siluanov and Head of the Central Bank Elvira Nabiullina. “At the beginning of the afternoon, the president has a number of international telephone conversations, we will inform you as information becomes available," Peskov told reporters. He went on to add, "President [Putin] continues to work in the areas of the economy, in general, macroeconomic and microeconomic issues, and, of course, first of all, the issues of social security for the country's citizens.”