Putin's Economic Outlook: A Balancing Act Amid Sanctions

President Vladimir Putin lauded Russia's economic performance at the St. Petersburg International Economic Forum, asserting success in curbing inflation and diminishing reliance on energy exports.

His remarks presented a stark contrast to other officials cautioning a potential recession. Economic Minister Maxim Reshetnikov noted the nation's proximity to an economic downturn, emphasizing that it must be avoided.

Though bolstered by high defense spending and low unemployment, the Russian economy faces challenges such as long-term inflation and insufficient foreign investments, particularly outside the military sector.

(With inputs from agencies.)