Russia has recovered from sanctions pressure – Putin

Russia’s GDP has once again attained the level it had prior to the imposition of Ukraine-related sanctions, President Vladimir Putin said on Monday at a government meeting on the draft federal budget for 2024-2026.

“In general, we can say that the recovery stage of the Russian economy has been completed. We have withstood absolutely unprecedented external pressure, the sanctions onslaught of some ruling elites in the so-called Western bloc,” Putin said.

He added that Russia’s gross domestic product had now reached the level it had in 2021, and that it was important to create conditions for further stable and long-term development.

Putin noted that in April, GDP growth was forecast to be 1.2%, “but in fact, we have already surpassed this target, and by the end of the year, GDP growth may reach the level of 2.5%, or even 2.8%,” he predicted.

The president also urged the country’s financial authorities to take measures to strengthen the national currency.

“One of the main problems is related to the acceleration of inflation. The main factor here is clear – it is the weakening of the ruble, and it is necessary to clearly understand its causes and make timely decisions without delay,” Putin stated.

READ MORE: London bank upgrades Russian GDP growth forecast

The Russian leader announced that the draft state budget for the next three years has already been prepared by the government, although there is still disagreement on a number of items. He called on the government to finalize the document as soon as possible.

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