Report: Putin: Sanctions not key factor in Russia economy decline

U.N., Sep 29 (PRIME) -- Western sanctions are just an additional factor hurting the Russian economy, while the main reason is the decline of energy resource prices, President Vladimir Putin said in an interview with CBS and PBS television channels, broadcast Tuesday.

“Of course, sanctions are harmful but they are not the main reason for the slump in the Russian economy or other problems related to inflation. The main reason for us really is the drop in prices on the world market for our traditional exports such as oil and gas and some other goods, that is of course the main reason,” Putin said.

Russia can “survive the sanctions”, Putin said, and on the other hand, sanctions can have a positive impact on the development of high technologies in the country. It was difficult for Russia before to develop its own technologies because the market was “flooded with foreign goods”.

But now that foreign investors have left the market, and domestic companies fear that they will no longer have access to high technologies, they are forced to develop them, he said.

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