Putin warns EU sanctions will backfire; claims move could cost Europe over $400 billion

Russian President Vladimir Putin, on Friday, called the European and Western sanctions on Moscow a "mad" step as he believed this could lead the European Union to lose nearly $400 billion. While speaking at 25th St. Petersburg International Economic Forum-- an annual Russian business event for the economic sector-- which is also popularly known as "Russian Davos", Putin said the country’s economy will overcome sanctions in the coming months. He emphasised that Russia has been focusing on minimising the effect of sanctions in a composed and professional manner.

"We’re normalizing the economic situation. We stabilized the financial markets, the baking system, and the trading system," he added.

Making fun of the EU sanctions, the Russian head affirmed that those who imposed sanctions on Moscow are itself facing its consequences. Further, he took a jibe at the soaring inflation in the United States and said the West has been trying to make a balance between "penalising Russia" and "protecting their economies". According to the Russian head, inflation has increased tremendously in the European nations and alleged the EU officials of ignoring the real interests of the people. However, the same had been not echoed by the top bank officials. Rather, some officials warned Putin of suffering serious damage due to the sanctions. According to the governor of the Central Bank, Elvira Nabiullina, around 15% of the country's GDP was jeopardised by the international response.

Putin defends his action against Ukraine, says "it was forced and necessary"

Meanwhile, while speaking about the "special military operation", Putin vehemently defended his actions and said the neighbouring country posed a threat because of its desire to join the NATO military alliance. “In the current situation, against a backdrop of soaring risks and threats, Russia’s decision to conduct a special military operation was a forced one,” the Russian leader said. “It was very hard to make it, but it was forced and necessary. It was a decision by a sovereign country that has an unconditional right, based on the U.N. Charter, to defend its security.”

Image: AP