Putin Just Made a Horrifying “Vow” to the World
(LibertySons.org) – During a meeting of the Presidential Council for Strategic Development and National Projects on July 18, Russian President Vladimir Putin addressed the strain the country’s technology industry is under due to Western sanctions and the departure of big tech companies, such as Apple and Microsoft. He explained the nation must turn to internal companies and financing. At the same time, he stated it is impossible to move forward alone, but the West can’t cut Russia off from everyone in the world.
Live update: Putin vows to overcome ‘colossal’ high-tech problems caused by sanctions https://t.co/zy6HhhV3dM
— TOI ALERTS (@TOIAlerts) July 18, 2022
Putin implored leaders to look for “new solutions” while recognizing the challenges ahead in developing new technology within Russia. The Kremlin’s leader noted domestic companies, such as Ozon and Yandex, are quickly growing and need funding they can no longer get from the outside. He pushed the Bank of Russia and the finance ministry to create proposals for fixing the situation.
The US and much of Europe placed heavy sanctions on Russia after Putin ordered the invasion of Ukraine in February. The ongoing financial punishments have had a deep impact on the country. Elina Ribakova, the deputy chief economist of the Institute of International Finance, said the sanctions stripped the country of 30 years’ worth of investments. She explained the setback rolled Russia’s economy back about 15 years.
Is it possible for Russia to overcome the sanctions? Is Putin’s optimistic outlook realistic, or is he putting on a front to keep his people by his side as he continues the aggression in Ukraine?
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