Putin urges economic measures to cushion sanctions

Insight Online News

Moscow, Oct 7 : Russian President Vladimir Putin has demanded economic measures in response to Western sanctions, which are expected to intensify.

“It is important to understand that the sanctions pressure on Russia will only increase,” Putin said at a government meeting on Thursday via video link.

“In this regard, it is necessary to plan flexible, effective actions for both short and medium terms and consistently implement them,” Xinhua news agency quoted the President as saying.

Putin asked the government and the central bank to ensure a sustainable recovery of macroeconomic indicators.

Export-oriented sectors remain under pressure, primarily those targeting European countries, and it takes time for Russian exporters to switch to other markets, he noted.

Meanwhile, Putin pointed out some positive trends, as industrial production had returned to the level of the previous year.

Worst-hit industries, such as the automotive industry and metallurgy, are gradually recovering and agriculture also shows good dynamics, he said.

IANS / AGENCY

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