Putin says West is causing global economic crisis

Russian President Vladimir Putin said on Thursday that the West had unleashed a global economic crisis and a wave of inflation by imposing the toughest sanctions on Russia in recent history over the Ukraine conflict.

Putin’s Feb 24 order for 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 considers a declaration of economic war.

Western sanctions, Putin said, are fueling a global crisis affecting the European Union and causing famine in some of the world’s poorest countries.

“The blame for this lies entirely with the elites of Western countries who are ready to sacrifice the rest of the world to maintain their global dominance,” Putin told a televised government meeting on the economy.

Still, Putin said, Russia is dealing with the pressure.

“Russia is confidently dealing with external challenges, thanks both to the responsible macroeconomic policies of recent years and to systemic decisions to strengthen economic, technological and food security sovereignty,” he declared.

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 food and energy prices.

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