Putin: Western Sanctions Backfire, Russia’s Economic Independence Soars

Russian President Vladimir Putin criticized Western nations for their imposition of sanctions limiting Russia's access to their currencies, claiming it causes harm to the economies of those imposing the restrictions. Putin highlighted a significant decrease in the utilization of the dollar and euro for Russian exports, plummeting from 87% in 2021 to a mere 24% by September 2023 due to these constraints. Simultaneously, he noted a surge in the use of the Russian ruble and the Chinese yuan, which collectively accounted for 73% of export transactions.

From Putin's point of view, the restrictions enforced by Western countries unintentionally strengthen Russia's dependence on its own currency, a change he sees as promoting the nation's independence. He underlined that Russia is not completely forsaking the dollar and euro, but is instead reacting to the difficulties caused by using foreign currencies due to external pressures.

Regarding the Russian ruble, Putin stressed its floating exchange rate, indicating its susceptibility to economic variables like export prices and domestic demand. He expressed confidence that most factors influencing the currency are controllable and predicted a normalization of the situation.

Overall, Putin asserted that the West's sanctions have backfired by propelling Russia toward greater use of its national currencies, a shift he views as advantageous in terms of bolstering the country's economic independence. He remains optimistic about the adaptability of Russia's economy in the face of these challenges.

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