Putin: Russia not shifting economy to wartime mode despite difficulties

Russian President Vladimir Putin has stated that despite current challenges, Russia is not transitioning its economy to wartime mode.

Speaking at the 12th Congress of the Federation of Independent Trade Unions of Russia, Putin emphasized that the situation in the Russian economy remains balanced, Caliber.Az writes, citing TASS.

Putin clarified that while efforts and resources are being concentrated on the development of defence industries, the economy is not being fully redirected towards military priorities. He highlighted the continued stability and balance in various economic sectors.

"Despite all the difficulties of today, we are not putting the economy into wartime mode. There is no such thing," Putin affirmed during his address.

He acknowledged the concentration of administrative and financial resources on defence industry development but stressed that this does not equate to a complete transition to military-focused economic policies.

Putin underscored the importance of maintaining equilibrium in the economy, indicating that while defence efforts are being prioritized, other sectors continue to function normally.

He assured that the situation in the country's economy is "quite balanced" at present.