Economic Forum Petersburg: Putin: “Economic blitzkrieg” of the West failed

According to Kremlin chief Vladimir Putin, the Western sanctions against Russia have failed to have any effect. “From the start, the economic blitzkrieg had no chance of success,” Putin said on Friday at the International Economic Forum in St. Petersburg.

“We are strong people and we can handle any challenge.” The sanctions imposed by Western states in response to the Russian attack on Ukraine, Putin described as “insane” and “thoughtless”. The punitive measures also hit the EU hard. He estimated the damage to Europe at $400 billion.

In his speech to business representatives, Putin also criticized the West. The United States behaved like “God’s messenger on earth,” he said. The West wants to colonize other parts of the world.

Putin: Ukrainian wheat “insignificant” for the world market

According to Putin, Russia does not hinder grain deliveries from Ukraine. “We didn’t mine the ports,” he said. If Kyiv decides to clear the mines, Moscow will ensure the safety of exports, Putin said.

However, according to the Russian President, Ukrainian grain deliveries are insignificant for the world market. It’s about five to six million tons of wheat and about the same amount of corn. That is irrelevant for the world market, said Putin. Western sanctions against Russia would have a much greater impact on rising food prices. The export of fertilizers in particular endangers future harvests and thus continues to drive up prices, he warned.

In addition, Putin accused the US and Europe of increasing food imports and thus fueling competition for the coveted food on world markets. This began long before the Ukraine war, which Putin called “a special military operation in the Donbass”. Food inflation is therefore unrelated to the Russian attack, the 69-year-old said.

Since the beginning of the war in late February, Ukraine, which is the world’s fourth largest grain exporter, has been stuck on its own stocks. The West blames Moscow for the looming food crisis in large parts of the world because Russian forces have either occupied or are blockading Ukrainian ports.

Delay due to hacker attack

Putin’s speech was delayed due to a hacker attack on the International Economic Forum. There was an attack on the admission system, said Kremlin spokesman Dmitry Peskov. The speech initially scheduled for 1:00 p.m. CEST was postponed by one hour.

Every year, Putin’s appearance in front of an international audience is the highlight of the economic gathering, which this year marks its 25th anniversary. The Kremlin had previously announced a landmark speech by the President.

Guests must have a special delegate pass to access the Forum grounds, which are organized like a major business fair and feature hundreds of round tables and other events. Guests are only allowed through if the security system with computers and screens works. According to the Kremlin, this system has now been attacked by hackers.