'Anti-Russia sanctions are backfiring on Europeans & Americans' says Vladimir Putin

According to Russia's state-affiliated media RT, Russian President Vladimir Putin said during a government meeting on Wednesday that western sanctions on Russia are a blow to the nation but they also affect the world economy. He said that those sanctions are backfiring on the Europeans and Americans through increasing prices for gasoline, energy, food, and job losses associated with the Russian market.

“As their weapons, [Western states] choose economic, financial, trade and other sanctions against Russia. They are now backfiring on the Europeans and Americans through rising prices for gasoline, energy, food, and job losses associated with the Russian market,” said Putin.

While speaking during the Government meeting, President Putin noted that the current situation is a lesson for Russian entrepreneurs, who should learn to choose partners wisely. He said them to keep in mind that 'there is nothing more reliable than investments at home'.

"We see the position of those foreign companies that, despite the shameless pressure  … continue to work in our country. In the future, they will certainly receive additional opportunities for development. We also know those who cowardly betrayed their partners, forgot about their responsibility to employees and clients in Russia and hurried to earn illusory dividends by participating in the anti-Russia campaign," Putin said, according to RT.

He also said, 'Unlike Western countries' who were swift to freeze the assets of Russian companies, Russia would 'respect the right to property' of foreign businesses operating and working in Russia and abstain from nationalising their assets.

'Blow to our entire domestic economy': Putin on sanctions

The sanctions imposed by the US, EU, and their allies, according to Russian President Vladimir Putin, are a premeditated 'hit to entire domestic economy, to social humanitarian sphere, to every family, every citizen of Russia'. 

He stressed that it is 'a deliberate, long-term strategy [to] destabilise Russia' which had been planned long before Moscow's military campaign in Ukraine began, reported RT.

However, Putin also assured that Russia can stand up to the sanctions' coercion. He is determined that all national development goals for the country will be achieved by 2030. 

"Our economy, the state budget, and private businesses have all the necessary resources to solve long-term tasks. All the strategic national goals that we have set for the period up to 2030 must be achieved. The current challenges and opportunities they open up should only mobilize us," he added further.

'Current situation is a test for all of us': Putin

According to the RT, the Russian President, in the government meeting, while speaking about the sanctions over the Russia-Ukraine war said, "The current situation is, of course, a test for us all. I am sure that we will pass it with dignity – with hard work, joint work and mutual support, we will overcome all difficulties and become even stronger, as it has always been throughout Russia’s thousand-year history."

Sanctions are being imposed on Russia because of its invasion of Ukraine which started with Russian forces attacking Ukraine on February 24. Many countries have sanctioned Russia to put pressure on Putin to stop the ongoing war in Ukraine.