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Politically motivated sanctions have reverse effect — Putin

October 24, 2014, 16:51 UTC+3
Politically motivated sanctions merely enhanced the trends towards economic and financial sovereignization, Russian President Vladimir Putin says
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© ЕРА/PATRICK SEEGER

SOCHI, October 24. /TASS/. Russian President Vladimir Putin believes that politically motivated sanctions are a mistake, for they have the reverse effect — greater economic “sovereignization.”

“Politically motivated sanctions merely enhanced the trends towards economic and financial sovereignization and the intention of states or their regional associations to somehow make themselves secure against external pressures,” Putin said at a meeting of the discussion club Valdai.

“Ever more states have been making attempts to shrug off dollar dependence and create alternative financial and accounting systems and reserve currencies,” he said.

Putin is convinced that now “global business community is exposed to unprecedented pressure by Western governments.”

“We see what is happening when politics is mixed with economy short-sightedly and the logics of expediency is replaced with the logics of confrontation, even if this harms their own economic positions, business interests,” the head of state said.

In his view, “Joint economic projects, mutual investment objectively make different countries closer, help snub current problems in inter-state relations.”

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