As noted by the British newspaper, the prices of imported goods in Russia increased sharply due to the collapse of the ruble after the start of the Russian military aggression in Ukraine. In some regions of the Russian Federation, there were shortages in the shops of mass-bought basic products.
During Wednesday’s meeting devoted to helping the regions, Putin, quoted by FT, said that “rising prices are seriously hitting people’s incomes and that is why he will decide to increase all social benefits in the near future.”
According to the announcements quoted by the daily, the minimum wage is to be increased in addition to pensions and allowances. All employees of the Russian public sector can also expect increases.
As noted by FT, Putin tried to reassure the people of Russia that “there will not be large-scale shortages” and that the country has sufficient budget reserves and “the central bank will not have to print money”. According to the newspaper, the announcements of the Russian leader are a sign of the effect that international sanctions are having on Russia.
Putin: I will not hide that the changes will be difficult
Putin quoted by the newspaper admitted that “the sanctions will strain the Russian economy” and that “the new reality will require profound structural changes”. “I will not hide that they will be difficult. They will lead to a temporary increase in inflation and unemployment. Our task is to minimize such a risk” – emphasized Putin quoted by FT.
Russia’s aggression against Ukraine has been going on since February 24. In connection with the Russian invasion of Ukraine, many countries and enterprises around the world have imposed economic and political sanctions on Russia.
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