Putin puts $160bn price tag on sanctions but talks down their long-term significance

Sanctions have deprived Russia of some $160bn in investment from overseas, President Vladimir Putin said today, but they weren’t the only reason for the country’s current troubles. In an address to the Council of Legislators in St. Petersburg, a defiant Putin also blamed the country’s economic  crisis on  the drop in  oil prices and an internal  imbalance in the economy, particularly a disconnect between productivity and wage inflation; but he remained defiant, pointing out that the  crisis had not turned into a collapse and that Russia’s retaliatory sanctions on Western food imports had left the market open for domestic producers.  

Source: Lenta