West's economic strategy against Russia has failed, says President Putin

At a government meeting on economic issues, Russian President Vladimir Putin said that the West's "economic blitzkrieg" strategy against the country has failed.

Western sanctions aimed at quickly undermining the financial and economic situation in Russia have been a major negative factor for the country's economy in the recent past. "It provoked panic in the markets, destroyed the banking system, and caused a large-scale shortage of goods in stores," reported Xinhua News agency.

Putin claimed that Russia has withstood this "unprecedented pressure." The ruble's value has returned to the level of the first half of February. "The surplus in the current account of the balance of payments reached a record high of more than $58 billion in the first quarter of this year," said the Russian President.

He also admitted that the consumer prices in Russia have increased by 9.4% and inflation surged to 17.5% in annual terms over the past month and a half.

He added that the sanctions have in turn affected the US and European markets by driving up inflation and unemployment. "It has weakened their economic dynamics, reduced living standards, and devaluated savings," said the 69-year-old Russian leader.

Russia has been leading an invasion in Ukraine since 24 February 2022 under what Putin terms 'a special military operation'. Most Western nations including Switzerland had taken a stand against Russia demanding the war be stopped.