Putin cites economic effects of sanctions

Russian President Vladimir Putin has cautioned the government regarding the potential negative impact of Western sanctions on the country’s economy.

During a meeting with Cabinet ministers in Moscow on Wednesday, Putin stated that while Russia has adapted to the restrictive measures, “illegitimate restrictions in the medium term can really have a negative impact.”

He urged the ministers to improve the efficiency of the economy and support projects aimed at the country’s technological and infrastructure development. Putin also highlighted that during a recent visit by Chinese President Xi Jinping, Moscow and Beijing designated eight areas of cooperation, which include technological partnerships, interconnected infrastructure development, and cooperation in the financial sector.

At another meeting with business representatives, Putin discussed a new growth model for the economy and proposed a discussion on the topic with the government and the leadership of the Central Bank.