SANCTIONS AGAINST RUSSIA LEAD TO A GLOBAL CRISIS: PUTIN

Fri 13 May 2022:

Russian President Vladimir Putin said Thursday, according to the country’s state-owned media Tass, that sanctions on Russia primarily cause a worldwide crisis.

Putin stated at a conference on the economy that Western countries’ sanctions against Moscow hurt their economies as well.

He noted that inflation in Europe has been rising, with several nations seeing double-digit annual figures.

The Russian leader stressed that above all this is seen by a sharp growth of inflation in Europe: in some countries it has already approached 20% annually, while on the whole the prices for products in the European zone have grown more than 11%.

“It is obvious that due to objective economic laws, the continued sanctions frenzy, if I may say so, will inevitably lead to the most complex consequences for the European Union which will be difficult to reverse, for its citizens, as well as for the poorest countries that have already encountered the risks of hunger,” he explained.

Putin said the Russian government, together with the central bank and business representatives, are implementing a plan to ensure economic development.

Since February 24, prominent firms from many sectors around the world have declared the suspension of their activities and withdrawal from the Russian market, and Western governments have imposed sanctions on hundreds of Russian organizations and individuals as a result of the conflict in Ukraine.

According to Eurostat, annual inflation in the euro region jumped to 7.4 percent in March and 7.8 percent in the EU.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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