Vladimir Putin: the European Union will lose more than 400,000 million dollars due to sanctions on Russia

The President of Russia, Vladimir Putinaffirmed today that the European Union (EU) will lose more than 400,000 million dollars next year due to the sanctions it has imposed against the country for the military offensive in Ukraine.

“According to expert estimates, the sanctions fever may cause direct losses to the EU of more than 400,000 million dollars next year. That is the price of decisions far from reality and taken without common sense”he noted during his speech at the St. Petersburg Economic Forum.

LOOK: Russian Foreign Minister Sergei Lavrov to the BBC: “We did not invade Ukraine”

The European Unionin the opinion of Putinhas lost its sovereignty its elites “dance to the music of others”.

“All the attempts to make the best of a bad job, all the talk about supposedly allowable costs in the name of pseudo-unity cannot hide the main thing: the European Union has finally lost its political sovereignty and its bureaucratic elites dance to the music of others”said.

“They do everything they are told from above, causing damage to their own population and their own economy, their own businesses”affirmed the head of the Kremlin.

LOOK: The “anti-sanctions” car: what the new car produced in Russia says about the future of the country’s economy

He stressed that inflation in a number of eurozone countries already exceeds 20%.

Putin admitted that the speed of adoption of the sanctions and their scope are “unprecedented.

But the Russian president reiterated that Western “crazy and thoughtless sanctions” to try to “crush the Russian economy in one fell swoop” failed.

“We are normalizing the economic situation step by step: first we stabilize the financial markets, the banking system and the commercial chains, and then we begin to inject liquidity and working capital into the economy to maintain the stability of companies,” said.

Putin further argued that the worsening of the global economy is not related to the Russian military campaign in Ukraine.

“What is happening is not the result of the last few months. Of course not. And what is more, it is not the result of the special military operation that Russia is carrying out in the donbas”he affirmed, although he acknowledged that it had some impact on the current crisis.

He alleged that the increase in prices and the problems in the energy sector are the result of “wrong” policies of United States and the European Union.

“The increase in prices today, the inflation, the problems with food and fuel, gasoline, the problems in the energy sector as a whole are the result of systemic errors in the economic policy of the current US administration and the bureaucracy European”he indicated.

“That’s where the causes are. That is the only reason. I will also mention our special operation, yes, it had some influence, but the root is in this, in its faulty economic policies”, he stressed.

Putin assured that Russia “will not take the path of self-isolation and autarchy, although Western friends dream of it.”

“We have been and will continue to promote cooperation with all those who are interested, who are willing to work with us. There are many, it is the vast majority of people in the world”said the head of state.

He also said that other countries still cooperating with Russia They are under pressure from the West.

“It is nothing new that all those who want to continue working and are working with Russia are subject to open pressure from the United States and Europe. Sometimes these are direct threats. But such blackmail means nothing to countries led by strong leaders.”he emphasized.

Source: Elcomercio

Ronald Payne

I, Ronald Payne, am a journalist and author who dedicated his life to telling the stories that need to be said. I have over 7 years of experience as a reporter and editor, covering everything from politics to business to crime.