Putin Acknowledges Sanctions' Potential Economic Impact on Russia

Russian President Vladimir Putin has admitted that Western sanctions could have a negative impact on Russia's economy in the medium term. Putin has previously insisted that Russia's economy remains resilient despite the sanctions. The Russian government's revenue plunged 35% in January compared to a year ago, while expenditures jumped 59%, leading to a budget deficit of about 1,761 billion rubles ($23.3 billion). The World Bank and the Organization for Economic Cooperation and Development are forecasting contractions of 3.3% and 5.6%, respectively, in 2023.