Putin claims that Western sanctions have failed

Russian President Vladimir Putin has said that the Western sanctions put on Russia as a result of its invasion of Ukraine have failed.

On Monday, Putin said that the West “expects to immediately disrupt the financial-economic situation, causing market panic, the collapse of the banking system, and store shortages.”

He went on to say that “the economic blitz plan failed” and instead resulted in a “deterioration of the Western economy.”

During a video chat with key economic authorities, Russian President Vladimir Putin made broadcast comments.

Since sending soldiers into Ukraine on February 24 in what it terms a “special military operation,” Western nations have placed unprecedented sanctions on Russia’s business and financial systems

Putin said that “Russia has resisted extraordinary pressure,” claiming that the rouble has gained and that the country’s first-quarter trade surplus of $58 billion was a record high.

Instead, he said that the sanctions backfired on the US and its European allies, causing inflation to accelerate and living standards to plummet.

Putin recognized a high increase in consumer prices in Russia, stating that they had risen by 17.5 percent year-over-year as of April, and directed the government to index salaries and other payments to reduce the effect of inflation on earnings.