Putin at the BRICS summit proposed a way out of the crisis Vladimir Putin at the XIV BRICS summit (via videoconference)

The way out of the crisis, which was caused by the macroeconomic mistakes of Western countries, is possible only with the help of honest and mutually beneficial cooperation. This was stated by Russian President Vladimir Putin at the BRICS summit (Brazil, RUSSIA , India, CHINA and South Africa).

“Only on the basis of honest and mutually beneficial cooperation can we look for ways out of the crisis situation that has developed in the world economy due to the ill-conceived, selfish actions of individual states, which, using financial mechanisms, in fact, spread their own mistakes in macroeconomic policy to the whole world” , the President said.

Since 2014, in response to the entry of Crimea into Russia, the US and EU countries have repeatedly imposed sanctions against the Russian economy and leadership.

After February 24, 2022, when Putin announced the start of a special military operation in Ukraine, Western countries imposed even tougher sanctions. In particular, foreign assets of the Bank of Russia were frozen, and a number of large Russian banks, including VTB and Sberbank, were disconnected from the SWIFT system. The latest, sixth package of EU sanctions included an embargo on the import of Russian oil and petroleum products, as well as a ban on facilitating supplies to third countries.

Earlier, Putin, speaking at the St. Petersburg International Economic Forum, said that Western countries "cling to the shadows of the past" and still believe in their economic and political dominance in the world. However, according to the Russian president, this is no longer the case. “It is a mistake to believe that the time of turbulent changes can, as they say, sit out, wait out, that supposedly everything will return to normal, everything will be as before. it won't," Putin said.

According to economists, by the end of 2022, under the influence of sanctions, Russia's GDP will decrease by up to 18%, depending on the sanctions scenario. Under the current sanctions - by 4%. In the second scenario (developed countries completely stop deliveries to Russia), by 10%. Finally, in the third scenario, the complete cessation of imports to Russia leads to an 18% reduction in GDP.