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MOSCOW. – Russia has withstood the unprecedented pressure from Western sanctions, Russian President Vladimir Putin said yesterday.

“We have withstood the absolutely unprecedented external pressure, the sanctions onslaught of some ruling elites in the … Western bloc … in individual countries that we call unfriendly,” Putin said during a meeting on the federal budget for 2024-2026.

“Russia’s GDP has reached the level of 2021, and now, it is important to create conditions for further stable and long-term development,” he said, announcing that the country’s economic recovery period is now complete.

Putin believes that the economic situation on a number of key indicators is better than projected earlier.

“I would like to say at once that on a number of key indicators the situation is much better than previously projected,” he said at a meeting on draft federal budget for 2024-2026.

Despite negative forecasts, Russia’s GDP may grow by 2,8 percent by the end of the year, Putin said.

“Back in April this year’s GDP growth was expected at 1,2 percent. Initially some even projected [GDP] contraction, though later the outlook was adjusted to 1,2 percent growth, though in fact we have already surpassed this mark, and GDP growth may reach 2,5 percent by the end of the year, maybe even up to 2,8 percent.”

Russia’s economy has coped with an unprecedented external pressure and fully recovered, with the country’s GDP having reached the level of 2021, Putin noted.

“Overall it is safe to say that the stage of recovery of the Russian economy is over. We coped with an absolutely unprecedented external pressure, the sanctions pressure of some ruling elites in the so-called Western bloc, some ruling elites in certain countries that we call unfriendly,” he said, adding that “Russia’s GDP has reached the level of 2021.”

Moreover, Putin has tasked the government and the Central Bank with taking measures to support the national currency.

“Obviously one of the main problems is related to inflation acceleration now, with the ruble’s weakening being clearly the key factor here,” he said.

“It is necessary to clearly understand its reasons and take timely measures. I am confident that the government, the Central Bank will work professionally,” Putin noted.

Meanwhile, European Union is ready to start discussing the 12th package of anti-Russia sanctions, which may be presented as early as next month, Bloomberg reported citing sources.

New restrictions may be presented in the first half of October, according to their information. Sanctions may be announced during the EU-US summit, which is also scheduled for October, though its precise date has not been given yet, the agency said.

The European Union has adopted many packages of economic and individual sanctions against Russia over the situation in Ukraine. Restrictions on Russian businessmen, journalists and companies are among them.

Meanwhile, Putin has extended the decree on response measures on anti-Russia sanctions suggesting food embargo until the end of 2024.

On August 6, 2014, Putin signed the decree banning imports of certain meat and dairy products, fish, vegetables and fruits from the US, the UK, Norway, Australia and Canada. – Agencies