Western sanctions to cripple Russian economy did not work: Vladimir Putin

Amid Russia’s ongoing military operations in Ukraine, President Vladimir Putin, while speaking at a global forum, said Western sanctions that were imposed to cripple the Russian economy have failed.

Amid heavy fighting in Ukraine with strategic locations under intense shelling from Russian forces, Russian President Vladimir Putin said Western sanctions that were imposed to cripple the Russian economy have failed.

Putin was speaking at the St Petersburg International Economic Forum (SPIEF), an annual Russian business event for the economic sector.

“The number of Western sanctions and the speed of stamping, do not know precedents. The calculation was clear. Impudently, with a swoop to crush the Russian economy due to the destruction of business chains, the forced recall of Western companies from the Russian market, and the freezing of domestic assets hit the industry, finance, and the standard of living of people. However, they did not work out!" said Putin.

Also read: Vladimir Putin recognises independence of rebel Ukrainian territories, EU calls it 'blatant violation' | Top points

The economic blitzkrieg against Russia initially had no chance of success, and the sanctions weapon is a double-edged one, said Putin.

Putin said that only direct, countable losses to the EU from anti-Russian sanctions will amount to $400 billion. The loss of the Russian market by foreign companies will lead to a decrease in their competitiveness, Putin added.

The European Union has finally lost its political sovereignty, its elites are dancing to someone else's tune, causing harm to their population, said Putin.