PM Mishustin says Russia facing most difficult situation in three decades

Russia’s Prime Minister Mikhail Mishustin says his country is facing the most difficult situation in three decades due to waves of sanctions over Ukraine, stressing that foreign attempts to isolate Moscow from the global economy are doomed to failure.

His comments on Thursday come as the United States and its European allies are progressively broadening an array of unprecedented economic sanctions imposed in a bid to pressure Moscow to end its military operation in Ukraine and withdraw its forces.

“No doubt, the current situation could be called the most difficult in three decades for Russia,” said Mishustin during a speech he delivered in the Duma, or lower house of parliament. “Such sanctions were not used even in the darkest times of the Cold War.”

“If you have to leave, production should continue working as it provides jobs. Our citizens work there,” Mishustin said.

Earlier, Moscow suggested that it might nationalize assets held by Western investors who decide to leave Russia.

“Our financial system, the lifeblood of the entire economy, has held up,” Mishustin said."The stock market and the ruble are stabilizing. I doubt that any other country would have withstood this. We did.”

On Tuesday, the European Commission proposed fresh sanctions against Russia over its military operation in Ukraine, including a ban on purchasing Russian coal and on Russian ships entering ports of the European bloc.

SS