Global Economic Confrontation To Affect Russia Only Partially - Putin

Global Economic Confrontation to Affect Russia Only Partially - Putin

MOSCOW (UrduPoint News / Sputnik - 12th July, 2020) Increasing global confrontation in the economic sphere, as evidenced by the imposition of tariffs and sanctions by members of the international community, will affect Russia but only slightly, given the country's scope for internal growth, Russian President Vladimir Putin said on Sunday.

According to the Russian president, the increasing economic aggression is "due to the reluctance of some countries to come to terms with the fact that effective and efficient global competitors are appearing, or, in fact, have already appeared."

Despite the efforts of other countries to put pressure on the Russian economy through sanctions, Putin said that the country has significant scope to grow internally, which will reduce the effect that these punitive measures will have.

"This confrontation, this struggle, will continue of course. It will affect us, but not in a drastic way. Why? Because we have great potential for internal growth, and I hope that we will solve this problem," the Russian president said, adding that each country has the right to choose its own path of development.

The United States and the European Union have placed economic sanctions on Russia since 2014. The Council of the European Union in late June renewed sanctions against Russia until January 31.