Putin Claims Russia's Economic Storm is Over

Russian President Vladimir Putin declared on Thursday that Russia has likely surpassed the most challenging phase of its economic difficulties. Addressing the Valdai Discussion Club in Sochi, he highlighted the urgent need to enhance economic stability, curb inflation, and sustain economic growth.

Putin acknowledged the government's decision to increase the value-added tax (VAT) rate, conceding its potential impact on economic expansion. However, he justified this move as essential for enabling the Central Bank to stabilize key interest rate decisions.

While the economic landscape remains cautious, Putin's remarks signal a shift toward longer-term recovery strategies for the Russian economy.

(With inputs from agencies.)