Putin affirms that Russian economy is growing despite harsh international sanctions

Russia’s economy grows despite severe international sanctions and the country has expanded its economic ties with countries in Africa, the Middle East and Asia, Russian President Vladimir Putin said Friday in a bid to woo investors.

Speaking to the presidents of Bolivia and Zimbabwe and business leaders at the St. Petersburg International Economic Forum, Putin said Russia “remains one of the key participants in global trade,” even as it faces widespread sanctions due to his sending troops to Ukraine.

The forum has been used by Russia for decades as a showcase to promote the country’s development, although Western officials and investors have avoided attending as sanctions eliminated much of Russian trade with Western Europe, the United States and its allies.

The main driver of economic growth of Russia It is the war in Ukraine, which currently has the same economic and political importance for the Kremlin.

Russians find few imported commodities, and most global brands have disappeared or been reincarnated into their Russian equivalents. However, the majority of the population has not seen much more economic change, as the state’s huge spending on military equipment and the generous salaries of volunteer soldiers are a strong boost to the economy.

Putin has strictly controlled his media appearances since sending his forces to Ukraine, but on Wednesday, outside of the forum’s official activities, he took questions from journalists, including some from Western countries he has criticized.

At the meeting, Putin warned that Russia could provide long-range weapons to other countries to attack Western targets, in response to NATO allies allowing Ukraine to use its weapons. to attack Russian territory. He also stressed that Moscow is prepared to use nuclear weapons if it sees a threat to its sovereignty.

Last year, journalists from countries Russia considers hostile, including the United States, the United Kingdom and the European Union, were not invited to the forum.

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