September 26, 2022

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Putin announces increases.  "You can see the impact of sanctions on Russia."

Putin announces increases. “You can see the impact of sanctions on Russia.”

As the British newspaper noted, the prices of imported goods in Russia rose sharply due to the collapse of the ruble after the start of the Russian military aggression against Ukraine. In some regions of the Russian Federation, there was a shortage of shops for basic products purchased in large quantities.

During Wednesday’s meeting devoted to helping the regions, Putin was quoted by the Financial Times as saying that “the rise in prices seriously affects people’s income and that is why he will decide to increase all social benefits in the near future.”

According to the announcements carried by the newspaper, the minimum wage will be raised in addition to pensions and bonuses. All Russian public sector employees can expect increases, too.

As noted by the Financial Times, Putin has tried to reassure the Russian people that “there will not be a shortage of large scale” and that the state has sufficient budget reserves and “the central bank will not have to print money.” According to the newspaper, the statements of the Russian president are a sign of the impact of international sanctions on Russia.

Putin: I will not hide that the changes will be difficult

The newspaper quoted Putin as admitting that “the sanctions will strain the Russian economy” and that “the new reality will require profound structural changes.” “I will not hide that it will be difficult. It will lead to a temporary increase in inflation and unemployment. Our task is to reduce such risks,” Putin was quoted by the Financial Times newspaper as saying.

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Russia’s aggression against Ukraine has been going on since February 24. In connection with the Russian invasion of Ukraine, many countries and companies around the world have imposed economic and political sanctions on Russia.

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