In A First, Putin Says Western Sanctions Can Have 'Negative Impact' On Russian Economy

Russian President Vladimir Putin on Wednesday said sanctions imposed on Russia for its invasion of Ukraine could impact the country. 

What Happened: Putin, in a televised meeting with the government, said, “The sanctions imposed against the Russian economy in the medium term could really have a negative impact.”

The Russian president said the unemployment rate in the country was currently at a record low, adding that the inflation would decrease to less than 4% by the end of March, following a surge in the spring of last year. 

However, “the return to a growth trajectory should not make us feel relaxed," Putin added. 

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“We need to support and strengthen the positive trends in our economy, increase its efficiency, ensure technological, personnel and financial sovereignty,” Putin said.

He urged his officials to “act quickly and without unnecessary bureaucracy and delays.”

Since the onset of the invasion, Putin had been maintaining that the Western sanctions aimed at weakening the Russian economy were ineffective and instead had a greater impact on Europe and the U.S. 

However, he took a U-turn earlier this month and asked Russian billionaires to invest at home to shore up the economy in the face of Western sanctions. “A responsible entrepreneur is a real citizen of Russia, of his country, a citizen who understands and acts in its interests,” Putin said.

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