Russia-Ukraine war: Putin claims Moscow's economy 'withstanding global sanctions blow'

Amid the ongoing war in Eastern Europe, Russian President Vladimir Putin claimed that the country's economy is "withstanding the blow" of global sanctions despite all the challenges. He made this statement while holding a meeting with his Belarusian counterpart Alexander Lukashenko in the Black Sea resort of Sochi on Monday, May 23. "The Russian economy withstands the blow of the sanctions, it withstands it very worthily. All the main macroeconomic indicators speak of this," Putin stated, as per The Associated Press (AP). 

Furthermore, the Russian President stated that nothing is easy and that everything that occurs demands special attention and effort from the government's economic bloc. According to the report, Putin has often claimed that Russia is managing well even though the Western sanctions against it continue to mount. However, the country's currency, the ruble, lost half its value for a brief period of time; food and other goods prices skyrocketed, and temporary shortages of sugar, sanitary products, and various prescriptions were also reported. Addressing a meeting with the Russian Security Council on May 20, President Putin claimed that cyber aggression, as well as "sanctions attack" by the Western countries, have failed.

US, EU sanctions responsible for global food shortages: Russia

As pressure on the Kremlin to lift the blockade of Ukrainian ports increased, a top Russian official said that the United States and European Union (EU) sanctions are to blame for the worldwide food crisis. Ukrainian President Volodymyr Zelenskyy called on the international community earlier this month to take immediate action to lift Russia's blockade of Ukrainian ports.

He noted that several countries were already facing food shortages as a result of a lack of Ukrainian agricultural exports. Meanwhile, the Russian government stated that it would consider opening access to Ukraine's Black Sea ports only "if sanctions against Moscow are reviewed." 

Zelenskyy calls for 'maximum' sanctions against Russia

It is pertinent to mention here that the war between Russia and Ukraine continues to escalate and entered its 89th day on Monday, May 23. Meanwhile, in his virtual address to the World Economic Forum, Ukrainian President Zelenskyy has called for "maximum" sanctions against Russia for its unjustified invasion. During his speech, Zelenskyy outlined that additional sanctions are needed to deter Russia's aggression, such as an oil embargo, blocking all Russian banks, and the complete cessation of commerce with Moscow. 

(With inputs from AP, Image: AP)