Putin focused on economy after ‘heavy’ Western sanctions

“The president is in the Kremlin, he takes care of the economy,” said his spokesman Dmitri Peskov.

Russian President Vladimir Putin is working Monday on the economic response to heavy Western sanctions imposed on Russia after the invasion of Ukraine, the Kremlin said.

«The president is in the Kremlin, he takes care of the economy“, said his spokesman Dmitri Peskov, during a daily press briefing. “The sanctions are heavy, they pose a problem (…) but Russia has all the potential necessary to compensate for the damage.»

SEE ALSO – War in Ukraine: European Union agrees to exclude “a number of Russian banks” from Swift

According to him, Vladimir Putin must notably receive in the afternoon Prime Minister Mikhail Michoustine, Finance Minister Anton Silouanov, the President of the Central Bank Elvira Nabioullina and the CEO of the main bank of the country Sberbank, Guerman Gref.

Dmitry Peskov acknowledged that the sanctions taken by the West to punish Moscow for its invasion of Ukraine were “lourdes” and “problematic“But he said that Russia hadthe abilities needed to compensate for the damage».

The United States, the European Union and other countries have announced that they will exclude certain Russian banks from the Swift international banking payment system and any transactions with the Central Bank of Russia.

These restrictions prompted the Bank of Russia on Monday to raise its key rate very sharply, by 10.5 points, to 20%, while inflation was already soaring before the sanctions.

The ruble also fell against the dollar and the euro at the opening of the markets, reaching record lows.


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