Russia not leaving global economy : Putin
President Vladimir Putin said on Thursday that Russia is not going to leave the global economic arena despite Western attempts to squeeze it out. It is simply impossible, he stressed.
Attempts by the West to isolate the country will fail, according to the president.
Putin who was addressing the Eurasian Economic Forum via video link, said thecountries that are seeking to harm Russia with the sanctions are hurting themselves.
“Russia is getting stronger in some ways because of the sanctions,” he said.
The president noted that today, more and more countries in the world want to and will pursue an independent economic policy.
The priority today is the development of national technologies in key areas, and Russia has taken the necessary steps, Putin said.
“Russia starts acquiring new competences, focusing on breakthrough technologies,” he explained, adding that the government will not only implement import substitution but will also develop domestic industries.
Regarding the mass withdrawal of foreign companies from Russia, the president said other companies will take their place.
Putin predicts failure of the West
Dhaka May 26 2022 :
Western nations that are trying to punish others with economic sanctions are overestimating their strength, Russian President Vladimir Putin said during the Eurasian Economic Forum on Thursday.
“More and more countries in the world want and will pursue independent policy,” he said at the international event. “No ‘world policeman’ can halt this natural global process. No one is that strong.”
“They face challenges inside their nations, and I hope they realize that this policy has absolutely no prospects,” the Russian leader said, referring to the US and its Western allies.
Russia became the world’s most sanctioned nation after the West retaliated against it for attacking Ukraine in February. The restrictions were touted by officials as a way to inflict a cost on Russia and destabilize its economy to coerce Moscow into a retreat. However, many nations refused to join the sanctions drive, including NATO member Turkey.
Global markets, which were already under pressure due to the Covid-19 pandemic and the disruption of supply chains, have been further destabilized by the stand-off. Many Western nations have experienced levels of inflation unseen in decades as energy and food prices have surged on the uncertainty.
The event where Putin made the remarks was organized by the Eurasian Economic Union, a regional economic integration organization comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia as members.
In his opening speech, the Russian leader explained how his country had no intention of shuttering its economy to the rest of the world. He also reported how Russia was dealing with the sanctions, including by replacing crucial imported products with domestically-produced replacements.
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