President Vladimir Putin said Monday that Russia’s economy was stabilising after being hit by unprecedented sanctions over the military campaign in Ukraine.
“The Russian economy continues to stabilise. Inflation has slowed down, the weekly rate of price growth has approached normal levels and prices for some goods have already begun to decline,” Putin said during a televised government meeting.
He added that it was due to two factors: the ruble “actively strengthening” and the “dynamics of consumer demand”.
“After a spike in February-March, there is an objective decline in consumer activity,” Putin said.
Since Moscow moved troops into Ukraine on February 24, Russia has been hit with a barrage of international sanctions, including embargoes on key exports, accelerating already high inflation.
While Putin has said Russia’s economy weathered the sanctions well, economists believe that the worst economic impact is still to come.