Moscow: According to President Vladimir Putin, the Russian economy has not collapsed as a result of severe restrictions from the West; on the contrary, its sovereignty has increased significantly.

This was said by Putin on Tuesday in Ulan-Ude, Buryatia, during a meeting with workers from an aircraft factory. He noted that the nation had reached a critical juncture in its development, which may be the most significant outcome of 2022.

"Our economic sovereignty has grown significantly. What did our enemy actually plan on, after all? That we would fall apart in a couple of weeks, a month, or more," the Russian leader said.

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"It was anticipated that businesses would shut down as a result of our partners' refusal to work with us, the financial system would crash, tens of thousands of people would lose their jobs and protest in the streets, and Russia would be toppled from the inside. They intended to do that, but it didn't happen," Putin said.

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He emphasised how the central bank's actions were responsible for the Russian financial system's survival, growth, and increased independence.

Additionally, according to Putin, the nation's unemployment rate is currently a historically low 3.6%, while the gross domestic product has only declined by 1.2%.

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The fundamental pillars of Russia's stability, according to the Russian president, are much stronger than anyone could previously imagine.