Putin notes that despite Western predictions, the Russian economy did not collapse.

According to President Vladimir Putin on Friday, sanctions that were imposed in the early spring did not cause the Russian economy to collapse as predicted by Western analysts.

Putin claimed during a speech at the Saint Petersburg International Economic Forum that forecasts of the ruble’s devaluation and the impending collapse of the Russian economy were part of an information campaign against Moscow that aimed to “psychologically destabilize Russian society and domestic business circles.”

Putin commended the government for its competent efforts to stabilize the economy.

To maintain the stability of businesses and companies, employment, and jobs, we first stabilized the financial markets, banking system, and trade network before starting to saturate the economy with liquidity and working capital, he said during a plenary session of the conference in the nation’s second city.

The president acknowledged that the present rate of inflation, which is 16.7%, is excessive but pointed out that it is dropping and that a goal threshold of 4 percent has been set.

According to Putin, small firms will benefit from the removal of some government restrictions to operate more freely as the Russian economy moves forward.

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