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Putin: Russia expects sanctions pressure to increase

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Russian President Vladimir Putin said yesterday that the country’s consumer demand is still weak, and that he expects sanctions pressure on the Russian economy to intensify, in televised comments from a meeting with government officials.

The Russian president added that after four months of decline in industrial production, Russia has returned to last year’s levels, as the auto industry and metal production are gradually recovering.

And Bloomberg News reported, yesterday, that agriculture grew by 4.6% year on year in the period from January to August.

Consumer demand remains weak, with retail sales declining in real terms in July and August, and the situation worsened further in September.

Retail sales declined in the last week of September in nominal terms. Annual inflation slowed to 13.5 percent last week.

Russia’s export-oriented industries are still under pressure.