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Tuesday, April 23, 2024

‘We are largest economy of Europe despite pressure’: Russian President Putin

Europe'We are largest economy of Europe despite pressure': Russian President Putin

Russian President Vladimir Putin has claimed that their nation has emerged as Europe’s leading economy despite pressure from all sides, and now holds the fifth position globally in terms of purchasing power parity.

Speaking at a meeting with entrepreneurs in Russia’s Far East, Putin stated, “It seems that we are being strangled and pressured from every side, but still, we are the largest economy in Europe”.

“We left Germany behind and climbed to fifth in the world : China, the US, India, Japan and Russia. We are number one in Europe,” he added.

However, Putin acknowledged the need for continued efforts to improve the per capita indicator. He remarked, “While we have surpassed all of Europe in terms of purchasing power parity, there is still work to be done on a per capita basis.”

Due to sanctions related to the Ukraine conflict, Russia faced challenges accessing a significant portion of its foreign exchange reserves held by the central bank, leading to a decline in the ruble’s value by over 30% in 2023, as per reports.

“Russia has been living under a sanctions regime for quite a long time, for decades, and we have sufficiently adapted to it, so such time horizons as five to 10 years do not scare us,” Kremlin spokesperson Dmitry Peskov told reporters in response to the sanctions.

The ongoing Russia-Ukraine war, which started in February 2022, prompted the European Union to implement comprehensive sanctions to signal severe consequences for Moscow. The EU has introduced 11 sanctions packages, and officials suggest the sanctions could persist for years, as per reports.

While Western nations and Kyiv accuse Moscow of an “unprovoked war of aggression” in Ukraine, Moscow contends that Western powers are exploiting Ukraine to weaken Russia’s security. The Kremlin maintains that the sanctions have, in fact, stimulated its domestic economy and industrial production.

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