MOSCOW: The Russian market did not collapse after the exit of foreign companies and imposition of Western sanctions, President Vladimir Putin said on Thursday, adding that the restrictions led to the opposite effect.
“As I have already said, and have said more than once, because of sanctions, because of the exit of Western companies, the world did not collapse, on the contrary. Moreover, the opportunities for Russian entrepreneurs have expanded manifold,“ Sputnik news reported Putin said during an address to an economic forum.
Russia needs a targeted policy to promote domestic brands, Putin added.
Earlier this month, the Council of the European Union announced that it had adopted the 11th package of sanctions against Russia aimed at strengthening the existing restrictions and preventing their circumvention.
In 2022, Western countries imposed sanctions on Russia in response to its military operation in Ukraine.
In February 2023, the European Union blocked the transit of European goods and dual-use technologies through Russia in the 10th sanctions package to prevent sanctions evasion.
In May, the EU said that its exports to Russia fell by 55 per cent compared to 2021 levels, and Russian imports to the bloc shrank by almost 60 per cent as a result of the sanctions. - Bernama
