Russia facing ‘unprecedented pressure’ from Western sanctions says Putin

Russian President Vladimir Putin says the country’s firms are under unprecedented pressure due to sanctions by Western nations.

Putin made the comment at a meeting on economic measures on Wednesday.

He said Western nations are using their political and economic control of the world to impose sanctions. Putin claimed that a large number of countries are rejecting such measures. But he acknowledged that the situation in Russia is not easy, and said Russian financial institutions and other firms are facing unprecedented pressure.

Putin also said Russia’s economy needs fundamental structural changes, and these will not be easy and will bring about inflation and unemployment temporarily.

The president ordered his ministers to work for the reforms and to take steps to reduce the impact on citizens.