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BREAKING
An earthquake strikes the Turkish city of Konya, with aftershocks felt in Ankara.
Reuters, citing a senior Iranian official: Tehran would only ship its highly enriched uranium abroad if US sanctions were lifted "verifiably and effectively".
Reuters, citing a senior Iranian official: Iran has not received any fresh proposal from the United States to resolve a decades-long nuclear dispute.
Ansar Allah leader Sayyed Abdul Malik al-Houthi: The horrific scale of crimes committed by the Israeli enemy in the Gaza Strip clearly constitutes genocide.
Pezeshkian: We believe in negotiations, but not in threats and imposed dictates, and we will never back down from preserving Iran's dignity.
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Al Mayadeen's correspondent: Fifteen Palestinians, including 11 children and one woman, were martyred in an Israeli airstrike targeting a prayer hall in Jabalia camp, in the northern Gaza Strip
Pezeshkian: You want the countries of this region to turn on each other by handing out bombs and missiles, and then you say you are peace-seekers?
Pezeshkian: When they boast of having missiles and bombs beyond imagination, is it us who are causing war and bloodshed—or is it them, who flood this region with weapons and ammunition?
Iranian President Masoud Pezeshkian replying to Trump: Those who for the past year have killed more than 60,000 Palestinian women and children in bombings, cannot claim to be peace-seekers.

Putin: West triggered global economic crisis with Russian sanctions

  • By Al Mayadeen net
  • Source: Agencies
  • 12 May 2022 19:54
  • 1 Shares
3 Min Read

The Russian President accuses the West of precipitating a worldwide economic catastrophe and a wave of catastrophic inflation.

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  • Putin: West triggered global economic crisis with Russian sanctions
    Putin: West triggered global economic crisis with Russian sanctions

Russian President Vladimir Putin warned on Thursday that the West has precipitated a worldwide economic catastrophe and a wave of catastrophic inflation by imposing the most punitive sanctions on Russia in recent history in response to the Ukraine conflict.

The US and its allies have slapped broad sanctions on Russia, which Putin has referred to as an economic war.

Read more: Reckless US sanctions on Russia trigger global inflation - The Global Times

However, the status quo and the US sanctions on Russia have weakened US citizens' purchasing power, causing fuel prices to soar in the country with US oil prices reaching their all-time high following a ban on Russian fuel exports. Inflation also surged following the move, putting Americans in the eye of the storm of the highest inflation in four decades.

In a TV government meeting on the economy, Putin expressed that the sanctions give way to a worldwide catastrophe that would devastate the European Union and cause famine in some of the world's poorest countries.

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He stated that “the blame for this lies entirely with the elites of Western countries who are ready to sacrifice the rest of the world to maintain their global dominance."

Read more: Russian Finance Minister: Sanctions harm vulnerable countries

He added that Russia is "confidently coping with external challenges thanks to both the responsible macroeconomic policies of recent years and systemic decisions to strengthen economic sovereignty, technological and food security.”

The West's attempt to economically isolate Russia – one of the world's largest suppliers of natural resources – has pushed the global economy into unknown territory, with food and energy prices skyrocketing.

Putin used the ruble's rise as an example of Russia's strong performance under sanctions, claiming that it had become the best-performing currency this year.

The Russian ruble strengthened to 65 per dollar on Thursday, a level last seen in early 2020, owing to capital controls imposed by Moscow to protect the economy after Russia launched the operation in Ukraine. 

Putin also stated that Russia, one of the world's top wheat exporters, is on course to produce a possible record crop this year.

Economy Minister Maxim Reshetnikov agreed with Putin that the economy was resilient, noting that the labor market was solid and inflation had begun to drop.

According to him, the key issues confronting the Russian economy are interruptions in supply chains and a considerable decrease in imports.

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Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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