In a speech in Russia’s Far East, the Russian president insisted Russia would not bow to economic pressure from the West, threatened lower natural gas supplies and warned that sanctions imposed over his invasion of Ukraine would fail.
Russian President Vladimir Putin on Wednesday called Western sanctions “stupid” and threatened to halt all energy sales to Russia’s critics if they move forward with a cap on oil prices proposed by the Group of Seven industrialized economic powers.“We will not supply gas, oil, coal, heating oil — we will not supply anything,” Putin said, in a defiant speech at the plenary session of the Eastern Economic Forum, which was being held in the city of Vladivostok in Russia’s Far East.
Putin declared that Russia would press on with its military action in Ukraine and said “the polarization” produced by the conflict would only benefit Russia as it cleanses “harmful” elements inside the country. As punishment for the Russian invasion, which initially sought — and failed — to capture Kyiv, the capital, and topple the government of President Volodymyr Zelensky, Western powers have imposed an extraordinary barrage of economic sanctions and export control measures aimed at crippling Russia’s economy. But the results have fallen short of expectation as energy prices soared and Russia redirected sales of gas and oil to Asia.
“Nord Steam 1 is practically closed now,” Putin said Wednesday. “There is an oil leak there — it’s a possibly explosive situation, a fire hazard. … Give us a turbine, and we will turn on Nord Stream 1 tomorrow. But they don’t give us anything.” “Russia is coping with the economic, financial and technological aggression of the West,” Putin said. “We have passed the peak of the most difficulties, and the situation is normalizing.”These assessments contradicted Russian policymakers at the Russian Central Bank and the Ministry of Economic Development, which recently said that while the economy has held up better than expected so far, 2023 could be far more challenging as the effects of more sanctions are felt.
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