President Vladimir Putin said on Friday that the Russian economy is growing rapidly despite heavy international sanctions. Putin said Russia has expanded economic ties with many countries in Africa, Western Asia and Asia.
Addressing leaders from Bolivia and Zimbabwe and business tycoons at the St. Petersburg International Economic Forum, Putin said Russia remains a key partner in global trade despite the country facing multiple sanctions for sending troops to Ukraine.
Russia has for decades used the forum to tout the country’s progress, but Western officials and investors have stayed away from the session because sanctions have largely cut off Russia’s trade with Western Europe, the United States and its allies.
The main reason for Russia’s economic growth is the ongoing war in Ukraine, which is now as important to the Kremlin economically as it is politically. Russia is under heavy restrictions on imports, due to which most global brands are missing from the country’s markets or have been replaced by Russian brands.
Not much has changed economically for Russians, however, as the economy is being boosted by massive spending on military equipment and hefty payments to volunteer soldiers.
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