Putin: Western Sanctions Backfire, Russia’s Economic Independence Soars

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Russian President Vladimir Putin criticized Western nations for their imposition of sanctions limiting Russia’s access to their currencies, claiming it causes harm to the economies of those imposing the restrictions. Putin highlighted a significant decrease in the utilization of the dollar and euro for Russian exports, plummeting from 87% in 2021 to a mere 24% by September 2023 due to these constraints. Simultaneously, he noted a surge in the use of the Russian ruble and the CHinese yuan, which collectively accounted for 73% of export transactions.

In Putin’s perspective, these limitations imposed by the West inadvertently bolster Russia’s reliance on its national currency, a shift he views as enhancing the country’s sovereignty. He emphasized that Russia isn’t outright abandoning the dollar and and euro but rather responding to challenges arising from settlements in foreign currencies created by external pressures.

Regarding the Russian ruble, Putin stressed its floating exchange rate, indicating its susceptibility to economic variables like export prices and domestic demand. He expressed confidence that most factors influencing the currency are controllable and predicted a normalization of the situation.

Overall, Putin asserted that the West’s sanctions have backfired by propelling Russia toward greater use of its national currencies, a shift he views as advantageous in terms of bolstering the country’s economic independence. He remains optimistic about the adaptability of Russia’s economy in the face of these challenges.

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