Putin Blasts West, Says Sanctions Are Backfiring

"ST. PETERSBURG, Russia -- In a combative speech, Russian President Vladimir Putin criticized the West for failing to recognize the rise of new power blocs since the end of the Cold War, and warned that its sanctions on Moscow had backfired, creating a growing economic crisis in Europe.

"The idea was clear: crush the Russian economy violently," Mr. Putin said at the annual St. Petersburg International Economic Forum, which Russia pitches as an alternative to the World Economic Forum in Davos to drum up investment in its economy. "They did not succeed."

The Kremlin leader acknowledged that Russia's economy had been buffeted since the U.S. and Europe introduced sweeping sanctions. Hundreds of Western companies suspended operations or withdrew from the Russian market, while high-level political, religious and business figures were all targeted, with the goal of isolating Russia from the global financial system. Mr. Putin noted how inflation had risen to more than 16%.

The sanctions have so far failed to dent Moscow's activities, and its economy has been bolstered by a windfall through the rising value of its energy exports, though poverty is spreading and inflation is eroding the spending power of ordinary Russians.

Mr. Putin said that Europe, in contrast, is seeing worsening economic distress from what he said were the West's misguided policies. He warned that the crisis could lead to famine in some of the world's poorest nations.

"European countries have already served a serious blow to their own economies," he said, pointing to what he said was an increase in food and fuel prices and the degradation of living standards.

Mr. Putin also accused the West of intentionally trying to undermine Russia, and that the U.S., having declared victory in the Cold War, was now proclaiming itself "to be the messenger of God on Earth" and that its interests are sacred.

"They do not seem to notice that new powerful centers have formed on the planet," the Russian leader said. "We are talking about revolutionary changes in the entire system of international relations."

Members of the Russian business community who were attending said isolation from the West could present opportunities for collaboration with other former Soviet states, along with countries in the Middle East and China.

Mr. Putin also offered something of a backhanded compliment to the U.S.

"The political elite of the United States looks down on everyone, treats everyone with inflated conceit." he said. "But that doesn't rule out the United States being a great power. This country, which has become a world leader in 300 years, deserves respect."" [1]

1.  The Ukraine Crisis: Putin Blasts West, Says Sanctions Are Backfiring
Simmons, Ann M. 
Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 18 June 2022: A.7.