6/17/2022, 3:16 PM (Source: TeleTrader)
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Putin: EU to lose $400B due to Russia sanctions

Russian President Vladimir Putin estimated that the European Union will incur losses of at least $400 billion related to the sanctions it imposed on Russia. He once again rejected responsibility for the global economic downturn, stating instead that inflation, energy costs and food crisis are all linked to the West's policies.

Putin predicted the fertilizer shortage could push food prices even higher, adding that Russia could boost its exports of fertilizer and grain. He also claimed that "gloomy forecasts" about the state of the Russian economy did not come true and that his government has successfully stopped the rise of domestic inflation. "After a peak of 17.8%, inflation is now at 16.7% and continues to decline," he said, noting that public finances are stable and the authorities are taking measures to further cool down the economy.

Baha Breaking News (BBN) / DJ