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NEW DELHI: A relaxed Vladimir Putin held court for reporters at a Moscow hotel on Thursday, answering unscripted questions about Russia’s economy, foreign policy and even his love life. The three-hour news conference gave the Russian President to publicly address concerns for the first time since the crash of the Rouble earlier this week.
Painting an optimistic picture, Putin said, "The economy will grow. And our economy will get out of the current situation,"Putin said, adding that he expected the economy to grow by 0.6 percent in 2014.
The Russian President compared the scenario to 2008 -- when Russia, along with much of the rest of the world, fell into recession. It lost 7.8 percent of GDP in 2009, but managed to steer the crisis fairly well and the economy was back on track with 4.5 percent growth in 2010.
Putin linked western sanctions to the fall of the Rouble, saying this whilst the falling price of oil was also a contributing factor, sanctions account for 25-30 percent of the Russian economic crisis. However, again expressing optimism, Putin said, “I hope yesterday and today’s exchange rates will be maintained. Is that possible? Whether oil prices will continue to fall, that is possible too.”
After the conference, US President Barack Obama signed a bill that will allow the White House to levy further economic sanctions on Russia over Ukraine, although there seems to be no plan in place to introduce the bill yet.
My administration will continue to work closely with allies and partners in Europe and internationally to respond to developments in Ukraine and will continue to review and calibrate our sanctions to respond to Russia's actions," Obama said in a statement. "At this time, the Administration does not intend to impose sanctions under this law, but the Act gives the Administration additional authorities that could be utilized, if circumstances warranted."
"We remain prepared to roll back sanctions should Russia take the necessary steps," Obama said. "We again call on Russia to end its occupation and attempted annexation of Crimea, cease support to separatists in eastern Ukraine, and implement the obligations it signed up to under the Minsk agreements.”
This new round of sanctions will hit Russia’s state-owned energy and defense companies, with US entities being forbidden from investing in gas giant Gazprom and Russia’s arms exporter Rosoboronexport.
Organisations in the country’s financial sector will also be barred from dealing with any US banks -- a measure similar to that faced by Iran over the fallout on its nuclear programme.
Putin in turn, hit back at the plan during his annual televised press conference, accusing the West of wanting to "chain" and "de-claw the Russian Bear."
