At an online meeting with government officials to address economic issues, the Russian president warned that several countries are on the brink of famine.
He said that if punitive measures against Russia persist, hardly reversible consequences for the European Union might arise.
Putin said that in the face of this situation, Russia is firmly facing foreign challenges, so the responsible macroeconomic policy implemented for the past few years, systemic decisions to strengthen its economic and technological sovereignty and its food security have been paramount.
He explained that Russian manufacturing companies are gradually occupying the niches that went vacant in the domestic market after the withdrawal of unscrupulous partners, including consumer goods, industrial, agricultural, construction and service equipment.
The head of State indicated that the country’s federal budget was executed from January to April with a surplus of 2.7 trillion rubles (some 41.566 billion dollars), which shows that the capacity of the budget system is growing.
He added that budget expenses during that period significantly grew due to decisions to fund development projects and purchases made in advance.