Ready To Reverse US And Allied Sanctions Over Invasion Of Ukraine, President Vladimir Putin: We'll Get It Worked

President Vladimir Putin. (Wikimedia Commons/Kremlin.ru/Press Service of the President of the Russian Federation)

JAKARTA - Russian President Vladimir Putin said on Thursday sanctions imposed on Russia were turning back on the West, including in the form of higher food and energy prices, and Moscow would work things out to emerge stronger.

President Putin has said there is no alternative to what Russia calls special military operations in Ukraine, and that Russia is not a country that can accept compromising its sovereignty for some sort of short-term economic gain.

"These sanctions will be imposed in any case," Putin said during a meeting with the Russian government.

"There have been some questions, problems, and difficulties but in the past, we have dealt with them and we will address them now."

"Ultimately, this will all lead to an increase in our independence, self-sufficiency, and sovereignty."

His comments were designed to portray Western sanctions as self-defeating, assuring Russia the country can withstand what Moscow calls an "economic war" against its banks, businesses, and business oligarchs.

President Putin further said Moscow, a major energy producer that supplies a third of Europe's gas, would continue to fulfill its contractual obligations despite being criticized by comprehensive sanctions, including a ban on its oil purchases by the US.

"They announced that they were closing imports of Russian oil into the American market. Prices are high there, inflation is very high, it has reached record highs in history. They are trying to blame the results of their own mistakes on us. We have absolutely nothing to do with that."

Against the West, Russia's government previously said it had banned exports of telecommunications, medical, automobile, agricultural, electrical and technology equipment, among other goods, until the end of 2022.

In total, more than 200 items were placed on the export hold list, which also includes railroad cars, containers, turbines, and other items.

Speaking calmly, President Putin acknowledged that the sanctions imposed since the February 24 invasion were being felt.

"It is clear that at times like these people's demand for certain groups of goods is always increasing, but we have no doubt that we will solve all these problems while working calmly," he said.

"Gradually, people will adjust, they will understand that there is no event that we can't close and resolve," he believes.

President Putin noted that Russia is a major producer of agricultural fertilizers, and said there would be unavoidable "negative consequences" for world food markets if the West made trouble for Russia.

Its agriculture minister reported at the meeting that the country's food security was assured.

Speaking at the same meeting, Finance Minister Anton Siluanov said Russia had taken steps to limit capital outflows and that the country would repay its external debt in rubles, not dollars.

"Over the past two weeks, Western countries have basically waged an economic and financial war against Russia," he explained.

Siluanov said the West had failed to fulfill its obligations to Russia by freezing its gold and foreign currency reserves. It was trying to stop foreign trade, he said.

"In these conditions, our priority is to stabilize the situation in the financial system," said Siluanov.