Russian President Vladimir Putin on Thursday demanded economic measures in response to Western sanctions, which are expected to intensify.
“It is important to understand that the sanctions pressure on Russia will only increase,” Putin said at a government meeting on economic issues via video link.
“In this regard, it is necessary to plan flexible, effective actions for both short and medium terms and consistently implement them,” he said.
Putin asked the government and the central bank to ensure a sustainable recovery of macroeconomic indicators.
Export-oriented sectors remain under pressure, primarily those targeting European countries, and it takes time for Russian exporters to switch to other markets, he noted.
Meanwhile, Putin pointed out some positive trends, as industrial production had returned to the level of the previous year.
Worst-hit industries, such as the automotive industry and metallurgy, are gradually recovering and agriculture also shows good dynamics, he said.