Speaking on Thursday in Sochi, Russian President Vladimir Putin said that as Russia has been assailed with a raft of Western sanctions, it has withstood the onslaught which was intended to cripple the nation economically and come out of the other side only stronger and more resilient.

The President was speaking to the plenary session of the 20th annual meeting of the Valdai Discussion Club, with a variety of experts, politicians, diplomats, and economists from 42 different countries.

President Putin said, “In general, the situation is stable. We have overcome all the sanctions-related issues, and have started the next stage of [economic] development on a new basis, which is fundamentally important.” 

He also noted that even the Western trade restrictions have only served to restructure the Russian economy to make it more resilient in the global economy.

According to the most recent data, the Russian government has produced more than 660 billion rubles ($6.6 billion) in budget surplus for the third quarter of 2023, with only around a 1 percent deficit in the GDP for the year. The budget deficit for 2024 and 2025 are forecast to remain the same.

The Russian President went on, “We are coping. And I have reason to believe that we will cope in the future.”

Putin went on to point out that in Russia, unemployment had fallen to a record low of 3%, even as disposable incomes continue to increase, unlike in the EU.

He went on to emphasize that in spite of the increases in the national budget for defense and security, the Russian government did not trade “butter for guns,” as the government has fulfilled all of its social obligations, while also being fully self-sufficient in supplying its citizens with the basics in food supplies.