Vladimir Putin said on Monday that it was impossible to cut Russia off from the rest of the world and that Western sanctions would not push Moscow’s development “back decades”.
Ever since the Russian president ordered his troops to invade Ukraine in February this year, the country has been hit with a number of sanctions that have targeted oligarchs, financial institutions, state firms and the energy industry,
Putin, speaking at a video conference with government figures, said: “Not just restrictions but the almost-complete closure of access to foreign high-tech products is being deliberately, intentionally used against our country.
“It is clear that this is a huge challenge for our country, but... we are not going to give up and stay in a state of disarray or, as some of our ‘well-wishers’ predict, go back decades. Of course not,” he said.
One consequence of the ongoing war is that a number of major technology firms have either withdrawn from the country or suspended operations.
Major gaming companies such as Nintendo, Sony, EA and Activision Blizzard have pledged to not sell any of their consoles or content in the country.
Meanwhile, internet behemoth Google has suspended all its payment-based services and has banned Russian media outlets such as RT and Sputnik from selling ads.
Other prominent firms such as PayPal, IBM, Cisco, Netflix, Spotify and Airbnb have also halted business operations in Russia.
Putin said that Russia would now have to develop its own domestic technology and technology firms after Western firms have ceased operating in the country or suspended operations.
Finance minister Anton Siluanov said support for the Russian technology sector was a priority, but that every rouble of state support should be accompanied by at least three roubles of private investment.
Additional reporting by agencies
