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    Putin: Attempts to Stop Russia's Economic Progress Futile

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    Development of Russian economy will steadily continue despite Western economic sanctions as this process is impossible to stop, Russian President Vladimir Putin said Friday.

    SOCHI, October 24 (RIA Novosti) - Development of Russian economy will steadily continue despite Western economic sanctions as this process is impossible to stop, Russian President Vladimir Putin said Friday.

    "Our economy was third [in the world] last year in terms of direct foreign investment after the United States and China," Putin said at the meeting of the Valdai Discussion Club in the Russian Black Sea Resort of Sochi.

    "These so-called sanctions, as well as a play with various ratings, may change this situation, but I would like to emphasize that the development [of Russian economy] continues, and nothing will stop it," Putin said.

    Earlier today, addressing the issues of western sanctions imposed against Moscow, Putin noted that in a bid to punish Russia, the United States is undermining investors' trust in dollar and pushing a number of nations to switch to other reserve currencies, or create alternative financial and banking systems. The Russian leader also said that the western restrictions undermine the fundamentals of world trade.

    In mid-October, addressing the same matter, Putin warned the Western businesses of losing their place on Russian markets.

    The United States and their allies have imposed several rounds of sanctions against Russia over its alleged involvement in the Ukrainian crisis, a claim Moscow has repeatedly denied. The restrictive measures target major Russian oil and defense companies as well as financial institutions.

    Amid Western sanctions, the Russian government has been working on developing an import substitution program and strengthening cooperation with Latin America and Asia Pacific.

    According to Putin, Russia has enough resources to meet state budget expenditures regardless of global political and economic trends.

    Tags:
    economy, sanctions, imports, Valdai Discussion Club, Vladimir Putin
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