Putin urges measures to underpin Russian economy amid Western sanctions

Russian President Vladimir Putin on Wednesday asked the government to consolidate the growth trajectory of the Russian economy as Western sanctions in the medium term can indeed have a negative impact.

"We need to support and strengthen the positive trends in our economy, increase its efficiency, ensure technological, human and financial sovereignty. We need to act quickly without unnecessary bureaucracy and delays," Putin said at a meeting with government members.

To this end, he ordered the government to ensure a sustainable increase in domestic demand, which has become a leading factor for economic growth.

Putin also demanded the removal of structural restrictions that hinder business activities, including bottlenecks in logistics, finance and training.

Last week, Russian Prime Minister Mikhail Mishustin said in an annual work report to lawmakers that the country's economy had returned to a growth trajectory after a year of "difficult adaptation" in 2022.