Putin says sanctions against Russia would rebound against the West

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Putin says sanctions against Russia would rebound against the West

Mar 11, 2022: According to a report by Reuters, Putin has said sanctions imposed against Russia would rebound against the West, including in the form of higher food and energy prices, and Moscow would solve its problems and emerge stronger.

Putin said Russia was not a country that could accept compromising its sovereignty for some sort of short-term economic gain.

“These sanctions would have been imposed in any case,” Putin told a meeting of the Russian government on Thursday. “There are some questions, problems and difficulties but in the past we have overcome them and we will overcome them now.

“In the end, this will all lead to an increase in our independence, self-sufficiency and our sovereignty,” he told a televised government meeting two weeks after Russian forces invaded neighbouring Ukraine.

His comments were designed to portray Western sanctions as self-defeating and to convince the Russians that the country could fight what Moscow called an “economic war” against its banks, businesses and business class.

Putin said Moscow – a major energy-producing country that supplies one-third of Europe’s gas – would continue to fulfill its obligations under the agreement despite comprehensive sanctions, including those imposed by the United States.

“They announced that they are closing the import of Russian oil to the American market. Prices there are high, inflation is unprecedentedly high, has reached historic highs. They are trying to blame the results of their own mistakes on us,” he said. “We have absolutely nothing to do with it.”

The Russian government had earlier said it would ban exports of other goods, including telecom, medical, auto, agricultural, electrical and tech equipment, till the end of 2022.

In total, the export suspension list included more than 200 items, including railway cars, containers, turbines and other equipment. 

“It is clear that at such moments people’s demand for certain groups of goods always increases, but we have no doubt that we will solve all these problems while working in a calm fashion,” he said.

“Gradually, people will orient themselves, they will understand that there are simply no events that we cannot close off and solve.”

Russia’s Finance Minister Anton Siluanov said Russia had taken measures to limit the outflow of capital and that the country would service its external debts in roubles, not in dollars.

“Over the last two weeks Western countries have in essence waged an economic and financial war against Russia,” he said.

Siluanov said the West had defaulted on its obligations to Russia by freezing its gold and foreign currency reserves. It was trying to halt foreign trade, he said.

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