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22 Dec, 2022 16:30

Russia outperforming many G20 members, despite sanctions – Putin

The stability of the economy is due to the efforts of the government and business, the president has said
Russia outperforming many G20 members, despite sanctions – Putin

Russia is showing better economic results than many other G20 nations despite mounting sanctions pressure, President Vladimir Putin has stated. He made the remarks on Thursday at a press conference following a meeting of the Russian State Council, a top advisory body.

“As for the economy, despite the collapse, disarray and catastrophe predicted for us in the economic sphere, nothing of the kind has happened. Moreover, Russia demonstrates much better results than many countries of the G20, and demonstrates it consistently,” Putin said, adding that he was referring to macroeconomic indicators.

This has been achieved thanks to the efforts of those in government, business, and other economic actors, the president stressed.

“The labor market is stable. State finances are stable, there are no concerning moments there either. All this is not the result of something that fell from the sky. This is the result of the work of the government, regional teams, business, and the overall spirit in society, which demonstrates unity and the desire to work together to achieve the goal,” Putin noted.

One of the prime targets for Western sanctions before, Moscow has been subjected to multiple new waves of assorted restrictions over the conflict in Ukraine, which broke out in late February. The EU alone has so far adopted nine rounds of sanctions, targeting various sectors of the Russian economy and banking, banning exports, and personally pursuing Russian businessmen and public officials.

The continuous efforts to restrict the Russian fossil fuel trade have repeatedly been cited by numerous experts and officials as among the key causes of the ongoing energy crisis in the EU. Earlier, Putin likened such a policy on the bloc’s part to economic “suicide.”