President Vladimir Putin of Russia has finally admitted that the Western sanctions are causing ‘colossal’ problems in Russia.
The President revealed that West’s sanctions are increasingly cutting off Russia from major sources of technology products and he concluded that Russia cannot develop in complete isolation.
‘This is a huge challenge for our country,’ Vladimir Putin said today during a video conference with other Russian officials.
‘Realising the colossal amount of difficulties we are facing, we will look for new solutions in an energetic and competent manner.
‘Clearly, we cannot develop in isolation from the rest of the world, but we won’t. In today’s world, you can’t just, you know, circle everything with a compass and put up a huge fence, it’s just not possible.’
Many leading technology firms such as Intel, Microsoft and Apple suspended their operations in Russia or left the country altogether after Putin attacked Ukraine on February 24. Now Russia is left with limited domestic options.
Vladimir Putin also stated that numerous fast-growing Russian companies such as the online retailer Ozon or Yandex (internet company) had their growth negatively affected because their western funding was cut.
The warmongering President Vladimir Putin insisted that Russia will quickly focus on developing ‘sovereign’ ‘technology’ as well as innovation from Russian firms. He further called upon the domestic banks as well as Ministry of Finance to make major cash injections to local firms.
‘I very much look forward to detailed proposals from both the finance ministry and the Bank of Russia,’ Putin declared.
President Vladimir Putin admission of the impact of Western sanctions on tech industry in Russia came as EU foreign ministers met in Brussels to debate on new proposals of additional sanctions on Russia.
Those EU ministers are considering a likely ban on gold exports to further cripple Russian economy.
Chief Joseph Borrell. Foreign affairs boss at the European Union said that at the moment ‘the most important thing is a ban on Russian gold.’
Gold is the second largest export product after energy for Russia.
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