April 18, 2024

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Vladimir Putin wants to tackle the tough challenges posed by sanctions

Vladimir Putin wants to tackle the tough challenges posed by sanctions

Russian President Vladimir Putin on Monday called for an end to severe difficulties caused by economic sanctions, which deprive Russia of Western high technologies on which it is heavily dependent.

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“Knowing the great difficulties we face, we will actively and intelligently search for new solutions,” he said during a publicly televised meeting, facing an “almost total” access blockade to Western technologies.

“Today, it’s not just limitations, but an almost total ban implemented against our country regarding access to foreign high-tech products,” he said.

Russia has been targeted by extensive Western sanctions and many foreign companies have pulled out of the country in reaction to the military offensive against Ukraine.

Citing a “tremendous challenge,” he called for better use of existing Russian sovereign technologies and the creation of “new, innovative national institutions.”

“We are not going to give up,” he insisted.

After the attack in Ukraine, technology giants (Microsoft, Apple, Google, Adobe, Cisco) have left Russia or stopped at least part of their operations in the country, leaving Russian consumers, companies, administrations and users with no alternatives.

Western suppliers have stopped providing technical support to their Russian customers.

The same goes for things like Apple phones and computers, Cisco telecommunications systems, mobile app marketplaces, and operating systems like Windows.

Currently, Russia has authorized so-called “parallel” imports of these types of goods, i.e. without the consent of the intellectual property owner.

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On Monday, Russian technology companies such as Vladimir Putin, Yandex or Ozone also face significant challenges as they enter Western markets or thanks to foreign financial institutions.

“It is necessary to quickly create such mechanisms in the Russian financial system so that fast-growing Russian companies can attract domestic private capital for their development,” Putin said.

The Kremlin has repeatedly stressed that Russia opposes economic sanctions imposed by the West, but the effects of these, cutting the country off from new technologies and global logistics and finance, may feel their most significant effects in the coming months or years. chains.

Moscow promises to offset these medium-term effects by developing Russian alternatives.

At the same time, a crackdown targeting critics of the Russian offensive against Ukraine and the cutting of aviation and financial ties with the West have led to the expulsion of at least tens of thousands of Russians working in the new technology sector. Existing deficit.

According to Putin, citing government statistics, Russia will lose a million executives in this sector by 2024.