Putin at SPIEF slams West for 'thoughtless' sanctions; declares end of 'unipolar world'

Russian President Vladimir Putin on Friday lashed out at the Western nations for its barrage of sanctions slapped on Moscow, saying that the measures were "mad and thoughtless." In a 72-minute speech at the St. Petersburg International Economic Forum (SPIEF), the Kremlin head claimed that the penalties were "more harmful" to those who introduced them and in no way would inflict serious damage to the Russian economy.

"I have already said that the economic blitzkrieg against Russia initially had no chance for success, but the weapon of sanctions, as you know, and the practice of recent years has proved it well, is double-edged," Putin touted at the 25th SPIEF on Friday.

"It inflicts comparable, if not bigger, damage on its ideologists and architects. And it is not just about the current obvious reverberations," he added.

In his assessment of the impact of West-led sanctions on the Russian economy, Putin flagged the European Union (EU) could lose over $400 billion instead of Moscow. He added that the 27-nation was suffering an increase in inflation and sidelining the interests of its people in its attempt to fend off Russia's "special military operation" in Ukraine. Just to note, Putin's remarks come following a myriad of sanctions that the US, the UK, and EU countries imposed on Moscow in response to the ongoing Russian invasion.

Despite Putin's ambitious claims, his own officials on Thursday noted that the country's economy was in fact "seriously" affected by the Western sanctions slapped in the last 4 months. At least 15% of the country's GDP was threatened by the international response, said Russian Central Bank Governor Elvira Nabiullina," BBC reported. "It's obvious to everyone that it (Russian economy) won't be as before," Nabiullina said while projecting a gloomy prospect of any imminent recovery given the stark changes in external factors impacting an economy.

However, the Russian leader maintained an optimistic tone and implored that businesses must continue in Russia. "Invest here. It's safer in your own house. Those who did not listen have lost millions abroad," he warned. Putin also lashed out at the US for trying to “cancel” Russia, adding that it is doomed to meet its demise due to its "unipolar policies."

Putin declares 'end of unipolar era'

In his much-hyped speech, Putin on Thursday accused the US of being accustomed to running a "unipolar policy." Recalling the post-cold war period, Putin stated that "the US declared themselves God's own representative on earth, people who have no responsibilities -- on interests," CNN reported. "They have declared those interests sacred. And now, it is one-way traffic, which makes the world unstable," he added.

Putin further claimed that the US "lives in the past...and in their own delusions," adding that the war became a cause for the West to "blame all the problems in Russia." Putin also defended Russia's invasion of Ukraine as an opportunity to allow the world "some insight into his thinking."

Putin's speech at SPIEF delayed due to alleged Ukrainian cyber attack: Report

The Russian President's address at the SPIEF was delayed due to a "large-scale" cyber attack alleged by the "Ukrainian IT Army", CNN reported, citing Kremlin spokesperson Dmitry Peskov. The speech was delayed by at least 90 minutes due to the commotion amid Moscow officials over the news.

(Image: AP)