Russian President Vladimir Putin promises to overcome the “colossal” high-tech problems the country is facing due to the beginning of unique Western sanctions against Ukraine.
The Kremlin chief says the West has imposed sanctions to cut off Russia from high-tech products in order to curb the country’s development.
“This is a great challenge for our country,” he said at a meeting.
“When we realize the colossal amount of difficulties we face, we will look for new solutions in an energetic and competent way.”
He says that Russia will also use “superb” technology and products from innovative domestic companies.
Putin also says that many fast-growing Russian companies such as the online retailer Ozon or the technology company Yandex have been cut off from Western financing due to the sanctions.
He says Russia must quickly create alternatives so that such companies can attract the necessary financing at home and continue development.
“I am very much looking forward to detailed proposals from both the Ministry of Finance and the Bank of Russia,” Putin added.
Many top technology companies, including Apple, Microsoft and Intel, suspended their operations in Russia, or left the country altogether, after Putin sent troops to Ukraine on February 24, leaving Russia with no domestic options.
