Russia is facing an import crisis alongside its export difficulties. Imports of various products fell by 14.2% in the first three months of this year compared with the same period last year.
Putin reassured citizens that the price increases in Russian markets would not continue at their current level and that markets would recover in the coming period as local production increased.
In contrast, the Russian government’s ban on Turkish products benefited Turkish markets, where prices for many of those products fell in the first months of this year compared with the same months last year.
Russian President Vladimir Putin acknowledged that his country’s ban on imports of Turkish products, particularly agricultural goods, had caused substantial damage to the Russian economy and pushed up market prices.
Putin made the remarks during the Direct Line program, in which he answered questions from Russian citizens. He explained that Russia had been forced to rely on local products after imposing economic sanctions on Turkey, leaving it unable to meet all citizens’ needs.