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Whilst Western economies go into freefall the situation in the Russian economy has begun to stabilize and is expected to improve further as oil and gas prices treble – thanks to sanctions. According to State President Vladimir Putin, uncertainty in the consumer market has ended.
As the dollar dives and the Euro plummets the ruble has strengthened to the levels of early February, foreign currency is returning to banks, and the volume of deposits is growing. Thus, the sanctions policy of Western countries against Moscow has failed, the president is sure.
At the same time, as the Central Bank believes, in the near future the Russian economy will enter a phase of structural transformation as it transfers its markets to more stable partners.
According to him, restrictions on the part of unfriendly states assumed that the restrictions would provoke panic in the markets, the collapse of the Russian banking system and a massive shortage of consumer goods. However, this policy of the West failed, Putin stressed.
‘The economic blitzkrieg strategy failed. Moreover, the sanctions were not in vain for the initiators themselves. I mean the growth of inflation and unemployment, the deterioration of economic dynamics in the United States and European countries, the decline in the standard of living of Europeans, the devaluation of their savings,’ the Russian leader said.
From January to March 2022, the difference between the inflow of foreign currency from abroad and its outflow outside the country exceeded $58 billion for the first time.
‘Foreign currency is returning to the banking system of the country, and the volume of deposits of citizens is growing. As for the consumer market, after a short rush for a number of goods, and this happens all the time in such situations, always, retail demand has returned to normal. Commodity stocks in retail chains are being restored,’ Vladimir Putin said.
In turn, the growth of consumer prices in Russia has already begun to gradually slow down, but in annual terms, the inflation rate has reached 17.5%, the president said. ‘These are very high values. People feel this on their family budget, they feel how prices have risen, and we need to support our citizens, and help them cope with the inflationary wave.
In this regard, let me remind you of the decision already made to index all social payments , pensions and salaries of specialists employed in the public sector. The specific parameters of such an increase should be prepared by the government,’ Putin added.
In total, almost 9.7 thousand restrictions have already been introduced against Russia. ‘The situation in the economy is difficult, but not catastrophic. We can temporarily observe an increase in unemployment and a decrease in the real incomes of the population. At the same time, in October-November, the economy is likely to go into recession . That is, in general, the sanctions have a painful effect, but one should not expect any kind of collapse, ‘Georgy Ostapkovich, director of the Centre for Market Research at the Institute for Statistical Research and the Economics of Knowledge at the Higher School of Economics, told RT.
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In addition, the government has approved a number of initiatives to help both consumers and businesses. Export of many goods has been banned which will help the Russian economy but damage further the economies of the sanctimonious Western nations.
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Categories: Current Events