Western sanctions have failed to destroy the country’s economy, according to the president © Sputnik / Ilya Pitalev

The Russian economy hasn’t collapsed due to sweeping Western restrictions, President Vladimir Putin has stated, noting that, on the contrary, its sovereignty has grown many times over.

Putin, who was meeting with aircraft factory employees in Ulan-Ude, Buryatia, on Tuesday, noted the country had passed a very important stage in its development, which could be the most important result of 2022.

“We have exponentially increased our economic sovereignty. After all, what did our adversary count on? That we would collapse in two or three weeks or in a month,” the Russian leader said.

“The expectation was that enterprises would cease due to our partners refusing to work with us, the financial system would collapse, tens of thousands of people would be left without work, take to the streets, protest, Russia would be shaken from the inside and collapse. That was their intention, but this did not happen,” Putin declared.

He pointed out that the Russian financial system has survived, growing stronger and becoming more independent, thanks to the actions of the central bank.

Putin also indicated that the unemployment rate in the country was currently at a historically low level of 3.6%, while gross domestic product has fallen by only 1.2%.

According to the Russian president, the fundamental foundations of Russia’s stability are now “much stronger than anyone could previously imagine.”

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