sanctions can have “negative” consequences for the Russian economy, admits Vladimir Putin

A first confession. Vladimir Putin admitted for the first time on Wednesday March 29 that international sanctions targeting Moscow “can” have consequences “negatives” To “middle term” on the national economy.

Since the beginning of the conflict, a shower of sanctions has affected many sectors of Russian activity, including the strategic hydrocarbon sector. If unemployment in Russia “is at its lowest level”at 3.6%, and inflation “will fall below 4%”according to Vladimir Putin, “vsThis does not mean that all the problems have already been solved”he warned.

“Replace Western Companies”

“The return to a growth trajectory should not cause us to slack off”he again supported in a rare indictment, calling for “guarantee economic sovereignty” of Russia.

Vladimir Putin has thus called on the government and economic leaders to‘”ensure the rapid launch of new projects in manufacturing industries, especially in the production of high-tech products”a sector affected by the departure of many specialists abroad. “Our financial system should play an important role in meeting the needs of exporters. And we need to replace Western companies that were working in this niche,” he asked again.

These comments by Vladimir Putin come a week after a summit in Moscow with his Chinese counterpart, Xi Jinping, during which the two leaders said they wanted “deepen” Russian-Chinese economic relations. But many observers saw it as a sign of Moscow’s growing dependence on Beijing, whose economy has largely captured Russian gas and oil exports, targeted by Western sanctions.