Vladimir Putin has lashed out against sanctions complaining Russia has been “completely ignored”.
The ruble has plunged in recent months owing to a steep decline in selling abroad as the country struggles to gain revenue from oil and natural gas.
With the economy crumbling, fears have also grown over the erosion of living standards, with Putin ordering the Kremlin and the central bank to keep the situation under control.
Speaking via video link at a Brics summit of emerging economies (Brazil, Russia, India, China and South Africa), Putin complained about the economic situation.
Putin speaks at BRICS summit
Rreuters
He said: “A total of 32 million tonnes of cargo has been exported from Ukraine and only about 3 percent have gone to the least developed countries - less than one million tonnes.
“None of the terms of the so-called deal concerning the lifting of sanctions imposed on Russian exports of grain and fertilisers to world markets have been fulfilled.
“Obligations to Russia in this regard have been simply ignored.”
In the financial markets the ruble has seen some mild gains but at time of writing sits at an underwhelming 94 rubles to the dollar (119 rubles to the pound).
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Putin addressing Brics leaders
Reuters
Russia’s national budget is also under strain from Putin’s ‘special military operation’ in Ukraine into which the Kremlin is pouring millions of rubles.
In a televised speech to government officials last week following a surge in interest rates, Putin said: “The scale and complexity of the tasks we are solving, and continue to solve, are of a really exceptional nature.”
He later added: “The government and central bank need to actively use the instruments available to them.
“Work is needed, among other things, on limiting unproductive, speculative demand, controlling the outflow of capital, monitoring the behaviour of the main participants of the financial market.”
A view of shells exploding in a village north of Bakhmut occupied by Russian forces, as Russia's attack on Ukraine continuesReutersIt comes as Russian forces grow “increasingly concerned” about recent Ukrainian advances on the southern front, according to a think tank.
Satellite images analysed by the Institute for the Study of War (ISW) indicate Putin’s forces “notably sped up” the expansion of fortifications near Zaporizhia.
Major General Kyrylo Budanov, Ukraine's head of military intelligence, said the Russians have created four specified “groups” in Crimea in preparation for a potential counter-offensive.
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