Russian President Vladimir Putin declares the economic blitzkrieg of the West directed at Russia has not succeeded in its goals.
The western sanctions imposed by Washington have not had their wanted effect as Russia has not fallen through it. A net result is it has failed, and the US and the EU, with reluctant allies agreeing to it that have a negative impact instead.
Western Sanctions Failed to Break Russian Economy
Putin mentioned last Monday at a government meeting about economic matters that everything is stabilizing and reverting to levels seen in the first half of February, with a good balance of payments to back it up, reported the Daily Telegraph.
Foreign currency is returning to the country's banking system, and citizen deposits are increasing. In terms of the consumer market, following a brief rush to buy various goods, retail demand has returned to normal, and retail stocks are recovering. These sanctions have failed to take hold and break the economy decisively.
Putin specified that the sanctions targeted certain aspects of the economy. Adding economic sanctions devastates the financial and economic position; it also creates market panic, a banking system crash, and a widespread lack of commodities in retailers.
Western sanctions have failed. Failure of the US and EU to decisively achieve the desired effect of the sanction only backfired on them. Adding that it fits the US and the European Union have increased inflation and jobs were impacted in the western nations.
Putin says western citizens are feeling the bite in the standard of living, even lessening their savings as these actions were ill-advised as the economic blitzkrieg blowbacks happen, noted Interfax.
Acknowledging there have been effects on Russian as well on the family budgets, increased prices during the past month with a 9.4 % increase due to sanctions.
As of April 8, yearly inflation had risen to 17.5 percent. However, the good news is that it is beginning to level off, hoping to lessen people's burdens, as cited by Business Standard.
However, the president acknowledged that prices are starting to normalize, and he vowed to take additional actions to support the people. Other steps adopted to help citizens cope with rising inflation include a rise in social payments, pensions, and the salaries of public sector employees.
According to Putin, sanctions affected businesses, making goods and foreign exchange deliveries harder than usual. The president noted that Russia needs to speed up the transition to national currencies in foreign trade settlements to improve the situation.
How the Sanctions Affected Russia
Assistance to entrepreneurs in resolving these issues, including accelerating the changeover of international trade settlements to rubles and the national currencies of trusted trading partners nations.
The president, the government's main focus right now, is to safeguard financial stability at both the federal and regional levels.
The US and its cronies have heaped great sanctions for the Donbas operation to stop Neo-Nazis and Ultranationalists allegedly supported by Zelensky in a fresh offensive against civilians.
Russian forces are tasked to protect the DPR and LPR and stamp out Nazism from Ukraine and its supporters despite the sanctions imposed. Putin says the economic blitzkrieg fell short but was able to score hits that can be managed. He vowed to support Russian citizens and not let the US and the West compromise Russia anymore.
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