Putin on lesson of Western sanctions for businesses: ‘There is nothing more reliable than investing in your own country’

The minimum wage, living wage, public sector salaries, social benefits and pensions will be increased in Russia

Russian President Vladimir Putin spoke at a meeting on measures of socio-economic support for the regions of the Russian Federation, touching on the most pressing topics of the last three weeks — the special military operation in Ukraine, Western anti-Russian sanctions and their impact on the national and global economy. The head of the state remains optimistic — he is confident that the country will pass the current test with dignity, as it has always been in its thousand-year history.

A lesson for domestic businesses

Putin called Western sanctions — the main reaction of Europe and the United States to the special operation — a lesson for domestic businesses. After what have happened, Russian entrepreneurs should learn one important thing:

“The seizure of foreign assets, accounts of Russian companies and individuals is a lesson for national businesses that there is nothing more reliable than investing in their own country," the president said.

Putin admits that the sanctions policy of Europe and the United States will have a negative impact on the Russian economy, which will require structural changes in it. As a result, they will lead to an increase in unemployment and inflation. The authorities are faced with the task of minimising them.

In particular, the head of the state announced an increase in the minimum wage, subsistence minimum, salaries of state employees and all social benefits.

“I understand that the rise in prices is seriously affecting people's incomes. Therefore, in the near future we will make the decision to increase all social benefits, including allowances and pensions. We will increase the minimum wage and subsistence minimum, as well as we will increase salaries in the public sector," Putin said.

At the same time, the head of the state instructed the Russian government to analyse the effectiveness of measures to support citizens who have lost their jobs. This must be done in a short time.

It is planned to give additional powers to the heads of Russian regions. They will be able to make flexible operational decisions to support the economy and citizens, depending on local conditions, Putin said.

“One shouldn't to take the blame from those who is guilty and put it on those who is not”

Western sanctions will affect not only the Russian economy, but also the global one. Putin said that Europe and the United States had dealt a blow to the people living on their territory and the entire global economy with their actions.

“As a weapon, they [Western countries] have chosen economic, financial, trade, and other sanctions against Russia, which are now hitting the Europeans and Americans themselves, by the way, through rising prices for gasoline, energy, food, through the loss of jobs associated with the Russian market," the head of the state explained.

At the same time, he noted that the West blames Russia exclusively for everything:

“One shouldn't to take the blame from those who is guilty and put it on those who is not, blaming our country for everything," he replied to Western countries.

Putin noted that Russia, unlike Western countries, respects the ownership of foreign companies. The president promised to provide support in the future for those who decided to stay in Russia despite pressure from the West.

“We value the position of those foreign companies that, despite the shameless pressure from the United States and their vassals, continue to work in our country. In the future, they will definitely get additional opportunities for development. We also know those who cowardly betrayed their partners, forgot about responsibility to employees and customers in Russia, hurried to earn phantom dividends by participating in the anti-Russian campaign," the head of the state assured.

“We were simply left with no options to solve the problems peacefully”

As for Russia's special military operation in Ukraine itself, which resulted in multiple Western sanctions, Putin once again reminded that there is no goal to occupy Ukraine.

“The appearance of Russian troops near Kyiv and other cities of Ukraine is not connected with the intention to occupy this country. It is not our goal," the head of the state explained.

Russia decided on the special operation because they did not see an opportunity to resolve the situation through diplomacy:

“We were simply left with no options to peacefully solve problems that arise through no fault of ours. In this regard, we were simply forced to launch the special military operation," Putin explained.

At the same time, he drew attention to that even at the beginning of the special operation, the Kyiv authorities were offered “not to engage in hostilities”, but “simply to withdraw their troops from Donbass”.

“They didn't want to! Well, that's their decision. The realisation of what is happening in the real situation in the world will come inevitably," Putin stated.

The president, who is also the Supreme Commander-in-Chief, is satisfied with the tactics of the Armed Forces of the Russian Federation:

“As for the tactics of combat operations, which was developed by the Russian Ministry of Defence and our General Staff, it has fully justified itself. Our guys, soldiers and officers show courage and heroism, do everything that depends on them to avoid losses among the civilian population of Ukrainian cities," the president stated.

Tatyana Dyomina