Russian President Vladimir Putin has time and again blamed the West for triggering a global economic crisis and a wave of crippling inflation by imposing the most severe sanctions in recent history over its war against Ukraine. In fact, he has also contended that the “elites” of the Western countries are ready to “sacrifice” the rest of the world to maintain their dominance.
In his speech at an energy forum in Russia, the President maintained the same stance on the state of the macroeconomic conditions. He asserted on Wednesday that the global economy was in an ‘acute’ crisis.
It is evident that global nations are going through comparatively tough economic conditions. Countries are witnessing a rise in inflation, and the central banks are trying their best to battle it. In fact, just a day back, JPMorgan CEO Jamie Dimon also warned the US economy and global nations of a possible recession in the next 6 to 9 months.
Read More: JPMorgan CEO Jamie Dimon Warns of a Possible Recession Within 6 to 9 Months
Putin addresses the energy crisis
The President’s address also focussed on the energy aspect. Putin said that Russia was ready to resume its energy supplies to Europe via a link of the Germany-bound Nord Stream 2 pipeline under the Baltic Sea. He also went on to caution that the United States “may force” Europe to buy its liquified natural gas.
It is a known fact that Europe is in the midst of an energy crisis. Economists at Goldman Sachs significantly cut UK’s growth forecasts towards the end of August and expect a recession to begin later in the year as the impact of surging inflation on households’ disposable incomes hits consumption.
Read More: UK to enter recession in Q4 amid energy crisis: Goldman
On Wednesday, Putin said that Russia had nothing to do with higher energy prices in Europe and accused the EU of promoting green energy to the detriment of oil and gas development. He, in fact, also stated that other countries “print” money to tackle high energy prices. The President also asserted that renewable energy should not be politicized.
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