Russia’s president says Western sanctions are illegal.
(Photo: AP)
St. Petersburg Despite unprecedented Western sanctions against Russia, Kremlin chief Vladimir Putin sees the resource superpower on the road to success. The 1920s were to be a time of “consolidation of economic sovereignty for Russia,” Putin wrote in a welcoming address to participants at the 25th St. Petersburg International Economic Forum.
This Friday, the Russian President wants to explain there how things should continue in view of the sanctions that the West has imposed because of the Russian war of aggression in Ukraine.
“The anniversary meeting is taking place at a difficult time for the world community,” said Putin. The West sees the 69-year-old responsible for numerous crises and the high prices for energy and food.
The Kremlin chief rejected this: “Years of mistakes by Western countries in economic policy and the illegal sanctions have led to a wave of global inflation, the destruction of usual supply and production chains and a sharp increase in poverty and a food deficit.”
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Putin has repeatedly made it clear that Russia will not be impressed by EU and US sanctions. At the same time, he said the situation offered new perspectives. Under the motto “New World – New Opportunities” representatives from more than 100 countries are expected in St. Petersburg. In view of the massive tensions with the West, Russia is increasingly orienting itself economically towards Asia, above all towards China and India, but also towards Africa and South America.
Ruble stronger again than it has been for years
Russia, for example, is increasingly diverting its oil and gas supplies from the EU to other regions of the world. The country is currently generating particularly high revenues due to the high prices for oil and gas on the world market. The national currency has also recovered significantly, almost four months ago, after losing value against the dollar and euro at the start of the war. The ruble is now stronger than it has been for years.
>> Read here: Gazprom continues to cut gas supplies – Habeck does not rule out legal measures
Because of the sanctions, numerous Western companies, including German companies, had left Russia. Putin explained that other companies filled the gaps. For example, after the departure of the US chain McDonald’s, new burger restaurants were opened in the branches under the name Wkusno i Totschka – German: delicious and point. In Moscow, queues have been forming at the bars for days.
The organizers of the economic forum speak of participants from 115 countries this year. In the record year 2020, there were 19,000 participants from 145 countries. A number of participants was not mentioned this time. Entrepreneurs have the opportunity this year to participate anonymously in the forum in order not to be penalized as part of the West’s sanctions policy. According to the media, participants from France, Italy, Canada and the USA are also registered.
Guests of honor this year include President Kassym-Jomart Tokayev of the authoritarian former Soviet Republic of Kazakhstan, the Taliban from Afghanistan and the separatist leaders from the Luhansk and Donetsk People’s Republics, which are recognized by Russia, and are being persecuted as terrorists. Egyptian President Abdel Fattah al-Sisi is said to be connected via video. Putin will also meet with Russian media representatives, including war reporters.
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