Sanctions against Russia will backfire and actually benefit the economy, President Vladimir Putin has said. His comments follow US President Obama’s threat that the White House has prepared a third round of sanctions.
“Over-reliance can lead to a loss of sovereignty,” Putin said at a media forum in St. Petersburg on Thursday.
Western-led sanctions have several advantages for Russia, the President said.
The threat of real economic sanctions is already helping boost domestic businesses, bringing more offshore funds back to Russia, and giving policymakers the push they need to establish a domestic payment system. Similar to what Prime Minister Medvedev said last week, sanctions will only make Russia stronger.