Russian Economy Does Well, Shows Growth Despite Sanctions - Putin

By Staff, Agencies

Russian President Vladimir Putin announced that despite the West's economic sanctions against the nation, the country was doing well and economists expected to see growth this year.

"For many of those who tried and are trying to create problems for us, it was a surprise how effectively we are countering the threats in the economy and in certain sectors of production," Putin said in a televised meeting with senior officials on Thursday.

"International institutions have to acknowledge that not only has Russia coped with the shocks that were expected ... slight growth is expected in the Russian economy this year," the Russian leader said.

Moscow has acknowledged that it initially faced some problems due to the West's economic sanctions slapped on the nation in the past year over its military operation in Ukraine; however, its economy had now adjusted and the sanctions had boomeranged against the West by driving up inflation and energy prices.

At the meeting, Putin bade foreign companies which had left Russia since last February good bye, saying their departure would benefit Russian companies.

He said those companies had suffered major losses as a result of exiting Russia's large and lucrative market.

"Today many of them [Western brands], under pressure from their governments, are leaving our market. All the best to them," he said, briefly waving his hand in a farewell gesture.

"Nothing [in Russia] has collapsed and nothing is falling apart. Our companies and entrepreneurs are picking up these enterprises, and even entire sectors, and continue this work very successfully," Putin added.

Scores of Western companies - from energy producers to food and clothing chains - have left Russia in the last year, amid an unprecedented slew of US-led sanctions slapped by the western allies after Russia began its special operation in pro-Russian regions in eastern Ukraine.