Putin acknowledges the impact of sanctions | What are Russia’s “evil-wishers” after?

At the press conference organized during SPIEF, Vladimir Putin admitted that the arguments are solid that in the medium future anti-Russia sanctions could lead to stagnation (date: 1:31:13 in the video here). The question was asked by TASS and refers to the future of the country’s economy, specifically whether in the future the economy “will be as good as it is now.”

Putin called those who say that sanctions on Russia will be successful “wishers of evil” but agreed with them in their argument and admitted that these sanctions are an obstacle. According to the Russian leader, “those wishing harm” expect the 16-17,000 sanctions to negatively affect the country’s economy in the medium term. They justify their strategy by referring to high technologies such as Artificial Intelligence and microelectronics.

The Russian leader went on to say that Russia’s economy is currently going through a process of import substitution, that is, the development of domestic production and the creation of supply chains immune to sanctions. He gave as an example the manufacture of containers in which certain materials produced in the USA were used. Those materials were replaced by some products in Nizhny Novgorod, at a third of the price and with similar properties (not identical and not superior). This case and others like it “are the source of the 3.4% growth in GDP” Putin said.

But this growth certainly has its limits. That is why we set strategic objectives. One of these goals is to achieve technological independence.

VLADIMIR PUTIN

Putin is confident that Russia will be able to achieve this technological independence, but he is not completely sure because he “does not see into the future”. “We will try to move forward at a fast pace,” the Russian leader concluded.

The world is going through a stage of technological innovations that are accelerating day by day. Russia’s situation is satisfactory at the moment, but if the sanctions negatively affect the technological field, then Russia’s recovery potential will decrease significantly.