Russia abandons the importance of sanctions, to come up with a full health bill

Russian Foreign Minister Sergei Lavrov holds an annual press conference on Russian diplomacy in 2021, in Moscow on January 14, 2022.

Dimitar Delkov | Afp | Getty Images

On Thursday, the Russian Foreign Minister took a defiant tone in the face of intensified economic sanctions, saying that his country would recover from the crisis with a “full health bill” and vowing not to rely again on Western partners.

Sergey Lavrov told CNBC that Russia can handle its economy on its own as the pariah state becomes increasingly isolated by international powers seeking to thwart President Vladimir Putin’s invasion of Ukraine.

“Regarding our economic problems, we will work to solve them,” Lavrov told CNBC’s Hadley Gamble in Turkey. after his talks With Ukrainian Foreign Minister Dmytro Kuleba. Lavrov noted that Russia has at many other points dealt with periods of economic isolation and difficulty.

The veteran Russian minister added that he no longer had any illusion that the West could be trusted, accusing him of treason.

Lavrov said via translation.

“We will do everything so that we do not depend, in any way, on the West in those areas of our lives that are of critical importance to our people,” he said.

It is unclear how Russia will seek to operate its economy independently going forward.

The Russian economy has fallen to its knees in the two weeks since the start of the Ukraine war as Western allies have sought economic means to pressure Putin to end the conflict.

Russian ruble keep going down This week, it hit new highs amid more financial exceptions, while trading on the Moscow Stock Exchange remains largely suspended. Western sanctions aim to collapse the Russian economy, and Many economists suggest that it is likely to work.

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The Kremlin said on Thursday that the country’s economy was in a state of “shock” in the wake of… An “unprecedented” economic war.

Meanwhile, pressure continues on Putin’s elite inner circle, with Britain on Thursday Chelsea Football Club owner Roman Abramovich and six others added to a growing list of oligarchs facing asset confiscation under UK, EU and US sanctions.

Lavrov said Thursday that the current sanctions run counter to clear Western democratic values, citing them as another example of mistrust.

He said, “Who has ever heard of the infringement of private property rights with a simple flick of their finger? Whoever has heard of the premise of innocence, a pillar of the legal system in the West, is being ignored and seriously violated?”

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