Putin acknowledges sanctions and strikes impact

Russian President Vladimir Putin emphasized that Western sanctions and Ukrainian strikes on Russian facilities have caused noticeable damage to the Russian economy, with limited GDP growth of 0.6% in the first half of the year and 1.3% in the second quarter. He pointed to a significant labor shortage and its impact on economic growth, calling for reforms in immigration laws and the development of local workforce to address this. He also highlighted that debts of some regions reach up to 60% of their income, exacerbating financial deficits, with the government allocating $2.2 billion to support areas with strained budgets. Furthermore, he noted a low level of officials’ engagement with technological development programs, alongside rising living costs and public trust challenges due to tough economic conditions.

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