Putin: Russian economy is doing well and showing growth despite sanctions

Russian President Vladimir Putin has announced that despite the West's economic sanctions against the country, the country is doing well and economists expect growth this year.

"It came as a surprise to many of those who have tried and are trying to cause us problems how effectively we are countering threats in the economy and in certain manufacturing sectors," Putin said at a televised meeting with senior officials on Thursday.\ "International institutions must recognize that Russia has not only weathered the expected shocks... Russia's economy is even expected to grow slightly this year," Russian leaders said.

Moscow has acknowledged that it initially faced some problems due to Western economic sanctions imposed on the nation over its military operation in Ukraine last year. However, the economy has since adjusted and the sanctions have worked against the West by driving up inflation and energy prices.

At the meeting, Putin bid farewell to foreign companies that have left Russia since last February, saying their departure would benefit Russian companies. He said these companies have suffered huge losses by withdrawing from Russia's large and lucrative market. “Today many of them (Western brands) are leaving our market under pressure from their governments. All the best to you,” he said, briefly waving his hand goodbye. “Nothing (in Russia) has collapsed and nothing is falling apart. Our companies and entrepreneurs are taking over these companies and even entire sectors and are very successfully continuing this work,” Putin added.

Scores of Western companies -- from energy producers to food and clothing chains -- have left Russia over the past year amid an unprecedented spate of US-led sanctions imposed by Western allies after Russia launched its special operation in pro-Russian regions in which eastern Ukraine had begun. According to another report, European Commission President Ursula von der Leyen said on Thursday that the EU intends to impose new sanctions on Russia. The new sanction includes new export bans worth more than 10 billion euros, von der Leyen said during a joint press conference with Ukrainian President Volodymyr Zelenskyy. The sanctions "will continue to starve Russia's military machine and shake the fundamentals of its economy," she claimed.