Anton Vaganov | Reuters The White House hit back at Russian President Vladimir Putin after he repeatedly criticized the US and the Western world in a wide-ranging speech. Putin claimed international sanctions imposed on Russia after its unprovoked invasion of Ukraine posed a “danger” to the world. He added that the US was willing to sacrifice Europe, which is experiencing a cost-of-living crisis as energy prices soar as the war continues, in order to maintain what he called global “dictatorship”.

Position for an “upward shock” in the oil markets? Here are the top quarterback stocks to cash in on Speaking at the Eastern Economic Forum in Vladivostok on Wednesday, Putin lashed out at the collective West, singling out the US for blaming it for the economic pain that sanctions on Russia are causing in Europe and beyond, as global energy and food prices soar. Washington defended its stance toward Russia, a country widely condemned by the West for its ongoing war in Ukraine, with a State Department spokesman telling CNBC in emailed comments that “sanctions and export controls are working and the President Putin is desperate to convince the world otherwise. .” “Despite President Putin’s comments at the Eastern Economic Forum, Russia is paying a heavy price for its full-scale war in Ukraine, which continues to result in climbing costs – tens of thousands of Russian soldiers killed, 14 million Ukrainian citizens forced to flee their homes, historic cities are crumbling into ruins – all because Putin is determined to conquer another country,” they added. Russia’s policymakers — including its finance minister — have acknowledged that the sanctions have caused serious challenges for the country, according to a State Dept. “Russia’s economy is vulnerable to being cut off from the global economy and will certainly suffer a continued decline in economic activity. Putin’s war is projected to wipe out much of Russia’s economic gains over the past 15 years.” The Russian government is being forced to spend more and more to support its economy, the spokesman noted, adding that official Russian sources put the country’s budget deficit at more than $15 billion in July alone. Putin has tried to soften the bite of the sanctions by turning to India and China to sell their oil. Reuters reported in August that Russia’s economy ministry expected higher oil export volumes, combined with rising gas prices, to boost Russia’s energy export earnings to $337.5 billion this year, up 38%. in relation to 2021. On Wednesday, Putin said Russia would post a budget surplus this year, but admitted that growth was taking a hit and gross domestic product would fall “by about 2 percent or a little more.” Russia’s central bank has a gloomier outlook for the economy as winter approaches, forecasting a deeper contraction (by 7%) in the third quarter after a 4.3% drop in the second quarter, Reuters reported last month citing a report by central bank. The bank expects the economy to start recovering in the second half of 2023. Annual inflation stood at 15.1% in July, above the EU rate of 9.8% in the same month.