March 28, 2024

Sanctions cost European economies $240 billion while Russia lost $50 billion – Putin

Other countries also felt the impact of anti-Russian sanctions, Putin said as he answered citizens’ questions during the annual Direct Line QA session in Moscow on Thursday. The US, which does not have the biggest trade turnover with Russia, has lost $17 billion due to sanctions, while Japan lost $27 billion.

“It affects the jobs in these countries, including the European Union. They lose our market,” the Russian president stated.

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Putin added that the West is unlikely to significantly change its attitude toward Russia anytime soon, so Russia must strengthen its economy to secure its “place under the sun.”

Russia has managed to benefit from Western economic pressure, according to the president, as the country started phasing out imports and replacing them with domestically made products, even in sectors in which it did not have any experience. As an example, Putin said that prior to sanctions, Russia had never produced marine engines, but developed them out of necessity, with some even surpassing foreign analogues. The same applies to transport and power industry engineering, he added.

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Article source: https://www.rt.com/business/462291-putin-sanctions-eu-losses/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

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