Russian President Vladimir Putin addresses the Eastern Economic Forum held in Vladivostok on September 7, 2022. Photo: AFP

 
Western countries slapped harsh sanctions on Russia's businesses, economy, media, sports and even culture shortly after Moscow launched its special military operation in Ukraine on February 24. The sanctions backfired on those who imposed them, sending energy prices and inflation through the roof.

Russian President Vladimir Putin has stated that the country is coping with pressure from the West, having promptly implemented protective measures in the economy.

According to him, the West's Blitzkrieg tactics with respect to Russia had failed to work.

He stressed the need for Russia to stick to its logic and resolve its tasks amid actions by what he described as "ill-wishers."

"We see that the actions of our, to put it mildly, ill-wishers are largely unpredictable and impulsive in many respects. Their actions are clearly unprofessional and therefore impulsive, which means that we must work in line with our logic, keep the initiative, and not just react to some unfriendly steps, but to consistently resolve our tasks in the economy, social sphere, and infrastructure," Putin emphasized.

The Russian president also said that the condition of the country's budget is currently better than in many G20 countries and BRICS nations.

"The rapid adoption of large-scale anti-crisis measures, as well as the stability and strength of the Russian economy in the face of external challenges is largely the result of our responsible macroeconomic policy in previous years. That's why the condition of the Russian budget is now significantly better than in the economies of most G20 countries and those of our friends in BRICS nations," Putin added.

Separately, he made it clear that the process of de-dollarization is inevitable.

Speaking about "economic airbags", the Russian president underscored that it's necessary to understand how to create such "airbags" and how it will work amid modern-day conditions, "when the well-known and inevitable process of de-dollarization is underway."

He spoke as more of Russia's allies are starting to use their own national currencies to transact with their foreign partners instead of the dollar.