President Putin Says European Sanctions Against Russia Failed to Achieve Goals

JAKARTA - President Vladimir Putin on Monday said Western sanctions against Russia had failed to achieve their goals, describing them as a "record-breaking" both in terms of scale and ineffectiveness.

Speaking at a meeting with State Duma members at the Grand Kremlin Palace, President Putin said the "West" had increased pressure on Russia since 2022 but failed to weaken the country.

"The West has activated the Russophobia machine at high speed, setting a 'world record'. This is true in two ways: the number of so-called sanctions and their failure," he said, as reported by Anadolu (28/7).

Furthermore, President Putin argued that the restrictions had caused greater losses for the countries that imposed them than for Russia.

"This is also true of the damage caused by these sanctions, first and foremost, to their authors and initiators, and to the people of some European and other countries," said President Putin.

He accused Western countries of trying to cripple Russia's economy and undermine its scientific and industrial potential.

"In addition, because they are unable to defeat Russia on the battlefield, they are now relying on terrorist methods to openly wage war against our people," he explained. "But nothing can destroy the Russian people," said President Putin.

While describing the period as a difficult one, President Putin said Russia had adapted to external pressures while continuing to pursue long-term economic goals.

He added that the government would continue to support key sectors of the economy, business, employment and social programs while maintaining defense spending.

The European Union adopted a 21st package of sanctions against Russia on Thursday, expanding restrictions on the country's financial and energy sectors.

The measures expand the block's transaction ban to an additional 33 Russian credit and financial institutions, target cryptocurrency platforms, and impose further restrictions aimed at curbing Russian oil revenues.

The EU also suspended automatic adjustments to the price cap on Russian oil until July 15, 2027, seeking to prevent Moscow from profiting from market disruptions.