Russia under sanctions pressure: Putin admits impact of anti-Russian sanctions

10:09 Oct. 13, 2016

Putin admits impact of anti-Russian sanctions

Russian President Vladimir Putin, center, speaks at the 8th annual VTB Capital "Russia Calling!" Investment Forum in Moscow, Russia, on Wednesday, Oct. 12, 2016 (AP photo)

Russian economy suffers mainly because of restrictions on technology transfers, Russia's President says 

Russian President Vladimir Putin has admitted the impact of "notorious sanctions" introduced against Russia, according to an UNIAN correspondent based in Moscow.

"We often repeat like a mantra these days that the notorious sanctions are having little impact. But they do have an impact. We feel this above all in restrictions on technology transfers," he said at the eighth Russia Calling! Investment Forum organized by VTB Capital on Wednesday, October 12.

Read also EU countries considering new sanctions in response to Syrian bloodshed - WSJ

According to him, this causes losses to the Russian economy and to the global economy in general, because the Russian economy is without question an important part of the general global economy.

"Those who impose these sanctions are therefore ultimately harming themselves. But I think that we will find ways for coping with this situation too," he said.

"We need to continue our efforts to remove barriers to private initiative. I am talking not just about administrative barriers making it hard to enter the market. We need to give particular attention to technical issues such as access to the best technology and a qualified workforce," he added.

Watch also NATO and EU leaders: Sanctions pressure on Russia must be kept in force

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