Russian President Vladimir Putin, appeared in a Loro Piana jacket, during the first public appearance, after the Russian invasion of Ukraine. Putin, wearing the jacket, priced at around 1.5 million rubles (more than Rs 10.57 lakh), has come under heavy criticism on social media as Russians face financial crises massive amid heavy sanctions imposed by Western countries.

The Russian president appeared before a crowd of over 2,000,000 at Luzhniki Stadium, PA citing Moscow police, reported. The event featured patriotic songs, including a performance of “Made in USSR», with the first lines « Ukraine and Crimea, Belarus and Moldova, this is all my country », PA reported.

Russians under economic pressure due to sanctions against Moscow

Russia could face unprecedented economic ramifications, following sanctions imposed by Western nations in retaliation for its invasion of Ukraine. A recent report by JP Morgan Chase suggested that Russian GDP could fall by 17%. According to the media and according to some estimates, the war costs Russia 20 billion dollars a day. The Russian ruble fell from 83 against 1 dollar before the war to 107.50 on March 19.

In a recent development amid the ongoing Russian invasion of Ukraine, Japan on March 18 said it was imposing new sanctions against 15 Russian individuals and nine organizations. The new sanctions are imposed on high-level figures, including Russian Foreign Ministry spokeswoman Maria Zakharova and other defense officials. In addition, Japan has placed nine companies on the sanctions list, including state-owned arms exporter Rosoboronexport.

Meanwhile, stepping up its pressure on Russia, Australia, like other Western countries, announced a new round of sanctions aimed at restricting 11 Russian banks and several government entities, including those responsible for managing Russian sovereign bonds, said the Australian Department of Foreign Affairs. March 18.

Despite comprehensive sanctions, Russian state media RT quoted Putin, at a government meeting on March 16, as saying: “Western sanctions against Russia are a blow to the nation, but they also affect the global economy. The sanctions backfire on Europeans and Americans by increasing the prices of gasoline, energy, food and job losses associated with the Russian market.”

Speaking at the government meeting, President Putin noted that the current situation is a lesson for Russian entrepreneurs, who must learn to choose their partners wisely. He told them to keep in mind that “there is nothing more reliable than home-based investments”.

“We see the position of those foreign companies who, despite the shameless pressure, continue to work in our country. In the future, they will certainly benefit from additional opportunities for development. We also know those who cowardly betrayed their partners, forgot their responsibility to employees and customers in Russia and hastened to earn illusory dividends by participating in the anti-Russia campaign,” Putin said, according to RT.