Putin faces flak for sporting Rs 10 lakh jacket as country suffers from West's sanctions

Russian President Vladimir Putin, appeared in a Loro Piana jacket, in the first public appearance, after the Russian invasion of Ukraine. Putin, wearing the jacket, priced approximately 1.5 mn rubles (over Rs 10.57 lakh), has come under severe criticism on social media, as Russians face massive financial crises amid the heavy sanctions imposed by Western nations.

Russian President appeared before a crowd of over 2,00,000 people at the Luzhniki stadium, AP quoting Moscow police, reported. The event included patriotic songs, including a performance of “Made in the USSR,” with the opening lines “Ukraine and Crimea, Belarus and Moldova, it’s all my country”, AP reported.

Russians under economic pressure due to sanctions against Moscow

Russia could face unprecedented economic ramifications, in the aftermath of the sanctions levied by the Western nations in retaliation to its invasion of Ukraine. A recent JP Morgan Chase report suggested that Russian GDP could take a dip of 17%. According to media reports and by some estimates, the war is costing Russia $20 billion a day. The Russian rouble plummeted from 83 against $1 before the war to 107.50 by March 19. 

In a recent development amid the ongoing Russian invasion of Ukraine, Japan, on March 18, said that it was imposing fresh sanctions against 15 Russian individuals and nine organisations. The new sanctions are being imposed on high-level individuals including Russian Foreign Ministry spokeswoman Maria Zakharova and other defence officials. In addition, Japan has included nine companies in the sanctions list including state-owned arms exporter Rosoboronexport.

Meanwhile, stepping up its pressure on Russia, Australia, following the footsteps of other Western countries, announced a fresh set of sanctions on restricting 11 Russian banks and several government entities, including those responsible for managing Russian sovereign bonds, the Australian Foreign Ministry said on March 18.

Despite the comprehensive sanctions, Russian state media RT quoted Putin, during a Government meeting on March 16, as saying, "Western sanctions on Russia are a blow to the nation but they also affect the world economy. The sanctions are backfiring on the Europeans and Americans through increasing prices for gasoline, energy, food, and job losses associated with the Russian market."

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 told 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.