Speaking at the St. Petersburg International Economic Forum on Friday, Russian President Vladimir Putin asserted that the country’s economy is growing despite the heavy international sanctions imposed in response to Russia’s military intervention in Ukraine. Putin, who addressed the leaders of Bolivia and Zimbabwe as well as business leaders, emphasized that Russia remains a key player in world trade, despite the sanctions that have curtailed much of its trade with Western Europe, the U.S., and their allies.
The forum, which has traditionally served as a platform for Russia to showcase its economic development, has seen a notable absence of Western officials and investors since the imposition of sanctions. However, Putin highlighted Russia’s expanded economic ties with countries in Africa, the Middle East, and Asia, as he sought to court investors from these regions.
According to Putin, the main driver of Russia’s economic growth is the ongoing conflict in Ukraine, which has become as important to the Kremlin economically as it is politically. While Russians have noticed the disappearance of some imported staples and global brands, most have been replaced by Russian equivalents. The economy has also received a strong boost from massive state spending on military equipment and substantial payments to volunteer soldiers.
Putin, who has tightly controlled his media appearances since the start of the military operation in Ukraine, took questions from international journalists on Wednesday, including some from Western countries he has criticized. During this meeting, Putin warned that Russia could provide long-range weapons to other countries to strike Western targets in response to NATO allies allowing Ukraine to use their arms to attack Russian territory. He also reaffirmed Moscow’s readiness to use nuclear weapons if it perceives a threat to its sovereignty.
In a departure from last year’s forum, journalists from countries that Russia considers unfriendly, including the U.S., the U.K., and the European Union, were not invited to attend.
As Russia continues to navigate the economic challenges posed by international sanctions, Putin’s remarks at the St. Petersburg International Economic Forum serve as a testament to the country’s efforts to adapt and maintain its global economic presence, while also highlighting the ongoing tensions between Russia and the West.
Credit: AP
