[Cyprus Times] Western countries hit their own economies with sanctions, Putin says

Russian President Vladimir Putin has said that Western countries have scored an own goal by imposing sanctions against Russia over the Ukraine issue, which have led "to the deterioration of the economy in the West".

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Speaking to top government officials via video link on the state of Russia's economy, Putin said that inflation is stabilizing and that retail demand in the country has normalized.

Russia will have to use its budget to support the economy and liquidity amid shrinking lending activity, even if central bank rate cuts will make borrowing cheaper, he said on Monday.

Putin also said Russia should speed up the process of using national currencies in foreign trade under the new conditions.

Western countries have imposed unprecedented sanctions on Russia's business and financial system since it sent troops into Ukraine on Feb. 24 in what it called a "special military operation."

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