Sanctions imposed on Russia by the West have caused Global Economic Crisis: Russian President Vladimir Putin

Moscow: Russia’s President Vladimir Putin has warned that sanctions imposed on Russia by the West over the Ukraine conflict have led to a global economic crisis, food shortages and starvation among several developing countries. Russia is facing tough sanctions, and its economy is slowly recovering, he said. Amid Putin’s claims, Russia’s currency, the Ruble, has been described as the world’s ‘best-performing currency.’

The United States and its allies have imposed heavy sanctions on the Russian economy, targeting Russia’s central bank and foreign banks. They have also taken action against Russia’s gold reserves. Russia has described the sanctions as ‘economic warfare’ and said it was taking steps to resolve the issue. Its effects are beginning to show. Many groups, including economists, have pointed out that the Russian economy could face restrictions imposed by the West.

Given this background, the statement made by Russian President Putin appears significant. He acknowledged that the imposition of sanctions on Russia was a major blow to the world economy rather than to Russia. The Russian President noted the rise in inflation in the United Kingdom and the United States, including the European Union, the decline in production and demand in many countries, and food shortages and hunger in Africa and Asia.

All of these consequences are attributed to the elite group of the West. ‘In order to maintain our global influence, they are forcing the rest of the world to pay the price,’ Putin said. The Russian President also claimed that Russia responded well to pressure from sanctions while other countries were being hit hard.

The Russian President’s statement has been widely reported in the international media. According to Bloomberg, Russia’s currency, the Ruble, has been named the ‘best-performing currency’ of the year. Restrictions imposed by the West forced more than 120 Ruble per US dollar in March. The rupee traded at 65 rubles to the dollar on Thursday. Earlier in 2020, the Ruble was at this level. Russia’s economic decisions have succeeded because the Ruble has maintained its value despite Western sanctions.