Russian President Vladimir Putin during a speech at the plenary session “Keeping the responsibility. Expanding opportunities” at the VIII international investment forum “VTB Capital” “Russia calls!”
Photo: Mikhail Metzel/TASS
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The Russian economy is faced with the damage from sanctions that Western countries imposed against Russia, said Vladimir Putin. The main threat of sanctions the President referred to the restrictions in technology transfer
Stating that sanctions against Russia do not affect its economy, do not correspond to reality, said the President of the country Vladimir Putin during the investment forum “VTB Capital” “Russia calls!”. According to him, restrictive measures have a negative effect.
“We often repeat like a mantra that the so-called notorious sanctions on us is not really affected. Affect. And above all, the threat I see to limit the transfer of technologies”, — said Putin.
The President stressed that the sanctions harm “not only the Russian economy but the global economy as a whole.” “Because the Russian economy is an important sector of the world economy. So those who do are hurting themselves in the end”, — said Putin. He also promised that Russia will cope with this problem.
In his speech Putin also said that Russia in recent years has achieved sustainable macroeconomic stabilization. He reminded about low inflation and that the budget was reduced with a relatively small deficit of 3%. The Russian authorities must achieve “a new quality of growth” of the economy, to support initiatives to create new jobs, increase productivity and promote the use of new technologies.
Cancellation of Western sanctions — one of the conditions for renewal of the United States and Russia plutonium disposition, it follows from the bill that Putin submitted to the Duma in early October. Moscow suspended the document due to “threats to the strategic stability in the result of unfriendly actions” of the United States against Russia, and also due to the need to adopt “urgent measures to protect the security” of Russia. Under the bill, in addition to the full lifting of the sanctions, Russia urged the United States to compensate for the damage from the restrictions, and the counter-sanctions, which are introduced in response to Moscow itself. Other requirements — the reduction of military infrastructure and the number of us troops of US troops in the countries that joined NATO after September 1, 2000, and the refusal of the US “hostile policy against Russia”.
Russia’s losses from imposed sanctions amounted to an average of 2 percentage points of quarterly GDP growth, wrote researcher, German Institute for economic research DIW Berlin, Konstantin Holodilin and postdoc at the Free University of Berlin Alex Nechunaev. According to them, “the upper limit of harm” associated with sanctions, was 11%. Evsey Gurvich and Ilya Prilepsky of the Economic expert estimated accumulated GDP losses of Russia from sanctions for the period 2014-2017 in 6 PCT of GDP in 2013. In turn, countries that supported sanctions against Russia, since the beginning of 2014 to June of 2015 fell short of the $60.2 billion in profits from exports, estimated analysts of the Centre d’etudes Prospectives et d Informations Internationales (French research center for the world economy).