# Putin says West is triggering a global economic crisis Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-05-12 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Putin blames West for Global Economic Crisis and Inflation Meta Description: Find out how President Vladimir Putin blames the West for the global economic crisis and inflation due to sanctions imposed over the conflict in Ukraine. URL: https://financedigest.com/putin-says-west-is-triggering-a-global-economic-crisishtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-05-12t123647z2lynxnpei4b0j1rtroptp4russia-business-1736815733034-compressed.jpg) (Reuters) -President Vladimir Putin said on Thursday that the West had triggered a global economic crisis and a wave of ruinous inflation by imposing on Russia the most severe sanctions in recent history over the conflict in Ukraine. Putin’s Feb. 24 order of a “special military operation” in Ukraine prompted the United States and its allies to impose sweeping sanctions on Russia and the Russian elite, steps the Kremlin chief casts as a declaration of economic war. The West’s sanctions, Putin said, were fomenting a global crisis that would whiplash against the European Union and trigger famine for some of the [world’s poorest countries](https://www.financedigest.com/richest-countries-in-the-world.html "Richest countries in the world"). The blame for this lies entirely with the elites of Western [countries who are ready to sacrifice the rest of the world](https://www.financedigest.com/cheapest-countries-to-live-in-the-world.html "Cheapest countries to live in the world") to maintain their global dominance,” Putin said at a televised government meeting on the economy. Still, Putin said, Russia was coping with the pressure. Russia is confidently coping with external challenges thanks to both the responsible macroeconomic [policies of recent years and systemic decisions](https://www.financedigest.com/asian-shares-rise-dollar-dips-ahead-of-fed-policy-decision.html "Asian shares rise, dollar dips ahead of Fed policy decision") to strengthen economic sovereignty, technological and food security. The West’s attempt to economically isolate Russia – one of the world’s biggest producers of natural resources – has propelled the [global economy into uncharted waters with soaring](https://www.financedigest.com/international-investment-soars-as-albania-steps-into-global-spotlight.html "INTERNATIONAL INVESTMENT SOARS AS ALBANIA STEPS INTO GLOBAL SPOTLIGHT") prices for food and energy. RUSSIA WILL SURVIVE Russia’s economy is on track to contract by more than 12% in 2022, the [biggest fall in gross domestic product](https://www.financedigest.com/exclusive-volvo-readies-ev-blitz-in-biggest-product-revamp-under-geely.html "Exclusive: Volvo readies EV blitz in biggest product revamp under Geely") since the years following the 1991 fall of the Soviet Union, according to an economy ministry document seen by Reuters. As an example of Russia’s sound performance under sanctions, Putin pointed at the rouble’s strength, [saying it had become the best-performing currency this year](https://www.financedigest.com/uk-to-avoid-recession-this-year-but-outlook-still-weak-bcc-says.html "UK to avoid recession this year but outlook still weak, BCC says"). The rouble [firmed to 65 against the dollar](https://www.financedigest.com/dollar-stands-firm-while-traders-await-cpi.html "Dollar stands firm while traders await CPI") on Thursday, a level last seen in early 2020, driven by capital controls that Moscow had to impose to shield the economy after Russia sent tens of thousands of troops into Ukraine on Feb. 24. Putin also said that Russia, one of the world’s largest wheat exporters, was on [track to collect a potentially record](https://www.financedigest.com/norway-on-track-for-record-gas-export-will-be-ready-for-winter-gassco-ceo.html "Norway on track for record gas export, will be ready for winter -Gassco CEO") harvest this year. Putin told his ministers on Thursday he wanted to discuss steps needed for steady [economic development](https://www.financedigest.com/global-economic-crisis-strangling-progress-for-poor-warns-u-n-development-chief.html "Global economic crisis strangling progress for poor, warns U.N. development chief") and an increase in real incomes. Inflation in Russia is on [track to post](https://www.financedigest.com/will-mays-new-minister-percy-keep-the-northern-powerhouse-on-track-post-brexit.html "WILL MAY’S NEW MINISTER PERCY KEEP THE NORTHERN POWERHOUSE ON TRACK POST BREXIT?") its highest reading since 1999. [Economy Minister Maxim Reshetnikov agreed with Putin that the economy was showing resilience](https://www.financedigest.com/stocks-dollar-gain-on-resilient-u-s-economy.html "Stocks, dollar gain on resilient U.S. economy"), adding that the labour market situation was stable and inflation started slowing. He said the main [challenges facing the Russian economy](https://www.financedigest.com/global-economy-seen-facing-a-challenging-year-eurochambres.html "Global economy seen facing a challenging year -Eurochambres") were disruptions in supply chains and a significant reduction in imports. [(Reporting by Reuters; editing by Guy Faulconbridge)](https://www.financedigest.com/thomson-reuters-report-reveals-risk-compliance-staff-expect-to-see-significant-benefits-from-artificial-intelligence-ai-and-distributed-ledger-technologies.html "Thomson Reuters Report Reveals Risk & Compliance Staff Expect to See Significant Benefits from Artificial Intelligence (AI) and Distributed Ledger Technologies") --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---