Putin ruled out the possibility of a “collapse” scenario for the Russian economy

The “collapse” scenario for the Russian economy will not come true. This statement was made by Russian President Vladimir Putin during his speech at the plenary session of the Eurasian Economic Forum.

The head of state noted that, despite the crisis in the global economy and trade, as well as geopolitical risks, the total GDP of the EAEU member countries decreased by 1.6%.

“Some experts, as our people say, “over the hill”, predicted a completely different scenario, such a landslide scenario. Nothing like this is happening, has not happened, and clearly will not happen again,” the head of state emphasized (quote according to TASS).

Putin said that Russia manages “not only to adapt, but also to become one of the leaders of these processes [изменений]”. He clarified that Moscow continues to work on the transition to settlements in national currencies and intends to “even more actively” make efforts for a “full transition to national currencies.”

Against the backdrop of the start of a special operation in Ukraine, the United States, EU countries and other states imposed large-scale sanctions against Russia, which affected many sectors of the economy, including energy, the high-tech sector, aviation, the banking industry, the mining industry, the automotive industry, etc.

The Russian authorities have repeatedly declared the illegitimacy of these restrictions and demanded that the sanctions be lifted. According to Putin, the purpose of the restrictions is to “make suffering” the people of Russia and thereby destabilize society from within.

The Russian president has said more than once that the West’s calculation of “crushing” the Russian economy has not materialized. On February 21, during his address to the Federal Assembly, he declaredthat the domestic economy proved to be stronger than Western countries believed, and noted that domestic business was able to rebuild logistics and strengthen ties with “predictable partners”.

At the same time, back in April, at a meeting on economic issues, Putin noted that external risks still remain for the Russian economy, and urged not to relax in this situation.