US reacts to ‘determined’ Putin after he accuses U.S of ‘dictatorship’

Participants collect close to a display screen exhibiting Russian President Vladimir Putin, who delivers a speech on the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022.

Anton Vaganov | Reuters

The White House hit again at Russian President Vladimir Putin after he repeatedly slammed the U.S. and Western world in a wide-ranging speech.

Putin claimed worldwide sanctions imposed on Russia following its unprovoked invasion of Ukraine have been a “danger” to the world. He added that the U.S. was keen to sacrifice Europe, which is experiencing a cost-of-living disaster as power costs soar because the battle continues, so as to protect what he known as its world “dictatorship.”

Speaking on the Eastern Economic Forum in Vladivostok on Wednesday, Putin slammed the collective West, singling out the U.S. to blame it for the financial ache that sanctions on Russia are inflicting Europe and past as world power and meals costs soar.

Washington defended its stance towards Russia, a rustic extensively condemned by the West for its persevering with battle on Ukraine, with a State Department spokesperson telling CNBC in emailed feedback that “sanctions and export controls are working, and President Putin is desperate to convince the world otherwise.”

“Despite President Putin’s comments at the Eastern Economic Forum, Russia is paying a heavy price for his full-scale war on Ukraine, which continues to result in climbing costs – tens of thousands of Russian soldiers killed, 14 million Ukrainian citizens forced to flee their homes, historic cities pounded to rubble – all because Putin is determined to conquer another country,” the official added.

Russia’s personal policymakers – together with its finance minister – have conceded that sanctions have induced the nation severe challenges, in accordance to the State Department spokesperson. “Russia’s economy is vulnerable to the cutoff from the global economy and will surely suffer a sustained decline in economic activity. Putin’s war is projected to wipe out much of Russia’s economic gains over the last 15 years.”

The Russian authorities is being compelled to spend increasingly more to prop up its economic system, the spokesperson famous, including that official Russian sources put the nation’s price range deficit at greater than $15 billion within the month of July alone.

Biden sends new $675M defense package to Ukraine

Putin has sought to mitigate the chew of sanctions by turning to India and China to promote its oil. Reuters reported in August that the Russian Economy Ministry expects greater oil export volumes, coupled with rising gasoline costs, to enhance Russia’s earnings from power exports to $337.5 billion this 12 months, a 38% rise on 2021.

On Wednesday, Putin mentioned Russia would submit a price range surplus this 12 months, however conceded that development was being hit and gross home product would fall by “around 2% or a little more.”

Russia’s central financial institution has gloomier expectations for the economic system as winter approaches, forecasting a deepening contraction of 7% within the third quarter, following a 4.3% droop within the second quarter, Reuters mentioned final month citing a report from the central financial institution. The financial institution expects the economic system to begin recovering within the second half of 2023. Annual inflation stood at 15.1% in July, above the EU price of 9.8% in the identical month.

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