The Russian economy is being hit by Western sanctions, including restrictions on fossil fuel exports. Also, many Western companies have decided to leave the country after the invasion of Ukraine.
President Putin held an economic meeting including the finance minister and the director of the central bank of Russia. “Some experts in our country, and also foreign analysts, had predicted an economic decline of between 10 and 20 percent,” Putin said during the meeting.
Also listen | The World – ‘The Russian economy is in dire straits’
‘Resilient’
The Kremlin acknowledges that there are economic challenges, but at the same time stresses that the Russian economy is resilient. According to Moscow, Western sanctions have had a greater impact on the economies of the countries that have imposed them than on the Russian one, also due to high inflation and energy prices.
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