President Vladimir Putin stated on Friday that despite facing heavy international sanctions, the Russian economy continues to grow. He emphasized that Russia has been expanding its economic ties with countries in Africa, the Middle East, and Asia, in an effort to attract investors. Speaking at the St. Petersburg International Economic Forum, Putin highlighted that Russia remains a significant player in world trade, despite the sanctions imposed due to its military involvement in Ukraine.
The forum, a long-standing platform for showcasing Russia's development, has seen limited participation from Western officials and investors following the sanctions that have disrupted trade between Russia and Western Europe, the U.S., and their allies. The ongoing conflict in Ukraine has emerged as a key driver of Russia's economic growth, with substantial state spending on military equipment and support for volunteer soldiers providing a significant boost to the economy.
While the impact of sanctions is evident in the scarcity of imported goods and the absence of many global brands in the Russian market, Putin asserted that the country has adapted to these challenges. Despite tight control over media appearances since the Ukraine conflict began, Putin engaged with international journalists at the forum, addressing concerns about potential responses to NATO support for Ukraine.
Putin warned of the possibility of Russia supplying long-range weapons to target Western interests in retaliation for NATO's backing of Ukraine. He also reiterated Moscow's willingness to use nuclear weapons to safeguard its sovereignty. Notably, last year, journalists from countries considered unfriendly by Russia, such as the U.S., the U.K., and the European Union, were excluded from the forum.
