Russian President Vladimir Putin said, at a televised government meeting, Thursday, that western sanctions would have been imposed irrespective of the Ukraine invasion, Newsweek reported. 

At the meeting, Putin told government officials that the sanctions were placed two weeks after Russia started its invasion, and they have led to some “questions, problems and difficulties”. However, the president remained certain the country could overcome them. 

He said, “In the end, this will all lead to an increase in our independence, self-sufficiency and our sovereignty”. 

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Putin’s comments come at a time when there are concerns about Russia’s economy. A steady flood of sanctions has had an impact as the value of the ruble and the country’s credit rating have taken a plunge, Reuters reported. However, Putin remains confident that the countries imposing the sanctions would be more hurt than Russia. 

He referred to the recent US ban on Russian oil, saying, “Prices [in the U.S.] are high, inflation is unprecedentedly high, has reached historic highs”, and added, “They are trying to blame the results of their own mistakes on us. We have absolutely nothing to do with it”, Newsweek reported. 

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According to Putin, Russia will still be able to fill contractual obligations in supplying energy despite sanctions. Notably, Russia produces 10 billion barrels of oil each day and meets 10% of the world’s demands, Newsweek reported. Earlier in the week, Russian Deputy Prime Minister Alexander Novak had warned that banning Russian oil could lead to a price spike of up to $300 per barrel. 

While Putin remains confident of Russia’s ability to get ahead of the sanctions, Kremlin has already acknowledged that US President Joe Biden’s pushback has impacted the economy. 

This is indicated in the value of the Russian currency, which according to the White House fact-sheet states the ruble is “now worth less than a penny and has hit an all-time low after losing almost half of its value since Putin announced his further invasion of Ukraine”.