As his invasion of Ukraine bogs down, Putin admits Western sanctions are killing his economy

In an angry speech this week, Russian President Vladimir Putin lashed out at the United States and its European allies, accusing them of stealing Russian assets and using his “special military operation” in Ukraine as a “pretext” for a long-term strategy of weakening Russia.

In what was more of a rant than a speech, a frustrated Putin admitted the sanctions were inflicting real economic pain, even as he vowed the Russian economy “will adapt to the new realities.”

“Indeed, it is difficult for us at the moment. Russian financial companies, major enterprises, small and medium-sized businesses are facing unprecedented pressure,” Putin said in remarks to top officials. “Clearly … we will have to make deep structural changes in our economy, and I will not pretend that they will be easy or that they will not lead to a temporary increase in inflation and unemployment.”