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Putin Predicts West Will 'Tire' Of Sanctions Soon

Putin

Putin spoke at a closed-door meeting of the Russian Union of Industrialists and Entrepreneurs, a prominent grouping of company chiefs and tycoons, on February 9.

"I think that those who are doing this will themselves tire of it soon, and...I hope that we will embark on the path of normal relations," Russian news agencies quoted him as saying about the sanctions imposed by the West.

Putin's comments come weeks ahead of a March 18 presidential election in which he is virtually assured of victory but is said to be eager for a strong turnout and resounding support ahead of what could be his final term.

They follow reports of concerns among the Russian elite about the sanctions, which have had an effect on Russia's economy and complicated trade and business dealings with the West.

The United States, the European Union, and others have imposed sanctions on Russia in response to its seizure of the Crimean Peninsula and role in the war in eastern Ukraine.

Some Western countries including the United States have also hit Russia with sanctions over issues including evidence of human rights abuses and alleged interference in the U.S. presidential election in 2016.

Related: The U.S. Could Set 5 Energy Production Records This Year

On January 30, the U.S. Treasury Department published a list of 114 senior Russian political figures and 96 "oligarchs" who U.S. authorities say have gained wealth or power through association with Putin.

Those on the list were not immediately hit with sanctions and the United States did not impose any new sanctions on Russia at the time, but Treasury Secretary Steven Mnuchin said that "additional sanctions" would be imposed "in the near future."

Putin condemned the U.S. move as an "unfriendly act" that would "complicate the already grave" state of U.S.-Russian relations but signaled that Moscow would not take major retaliatory steps.

By RFE/RL

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  • Mamdouh G Salameh on February 10 2018 said:
    Sanctions in general don’t work and therefore they don’t achieve their objectives. On the contrary they may even achieve the opposite of what they were intended for.

    Sanctions did not stop Iran working on its nuclear programme. While the nuclear deal signed in 2015 between Iran and the P+1 powers (United States, Russia, Britain, France, China and Germany) has slowed the Iranian nuclear programme temporarily, it left it intact.

    Harsh sanctions against North Korea have not stopped it refining its nuclear and missile capabilities. Saddam Hussein survived the most intrusive sanctions ever imposed on a country. It needed an invasion to topple him.

    US sanctions against Venezuela will certainly exacerbate an already very dire situation, but Venezuela will not collapse particularly with loans-for-oil it is receiving from China.

    Sanctions imposed against Russia by the United States and the European Union (EU) in 2014 in retaliation against its annexation of the Crimea have helped Russia accelerate the diversification of its economy.

    Since 2014, the Russian economy has been diversifying away from reliance on oil and gas exports. As a result, growth reached an annual rate of 2.5% in the 2017, the fastest in almost five years. The agricultural exports have become the second biggest earners after oil and gas exports. The recovery is definitely taking place amid definite signs that economy has adjusted to lower oil prices and the sanctions. Russia is now saying that its economy can now live forever with an oil price of $40 or less. The recent rise in oil prices is a bonus to the Russian economy.

    While US sanctions against Russia will remain permanently for economic and geopolitical reasons, the EU sanctions will soon start to loosen up. The Russian economy is thriving.under the sanctions.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Bill Simpson on February 10 2018 said:
    Sanctions - his next target on Facebook and Twitter?
  • Sally on February 11 2018 said:
    Putin invaded Crimea and Donbass. Sanctions end the moment the Russian Army comes home. Ukraine remembers holodomor. All of Europe remembers enslavement by the Soviet Union. Sanctions against Cuba lasted sixty years and were not tiresome.
  • jaguar on February 18 2018 said:
    @Mamdouh G Salameh - hahahaha do you know any high-quality product exported by russia (apart from weapons and hydrocarbons)? do you know that there is an HIV / AIDS epidemic? russia is walking dead - this is the end

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