Putin admits Ukraine sanctions are causing colossal problems in Russia

Vladimir Putin has admitted that Western sanctions following his invasion of Ukraine are causing Russia "colossal" problems.

Speaking at a video conference with other Russian officials yesterday (July 18), the tyrant fumed that Russia had been cut off from the rest of the world's technology.

He also admitted that his country will struggle to develop in the face of this isolation.

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The Kremlin chief said: "This is a huge challenge for our country.

"Realising the colossal amount of difficulties we are facing, we will look for new solutions in an energetic and competent manner.

"Clearly, we cannot develop in isolation from the rest of the world, but we won't.

"In today's world, you can't just, you know, circle everything with a compass and put up a huge fence, it's just not possible."

Putin went on to say that he'd focus on developing "sovereign" technology to get around this, calling on the finance ministry and banks to pump cash into domestic companies.

Russian tech firms such as Ozon and Yandex have suffered as access to Western finance was severed, he admitted.

That is despite Russia having few alternatives after many global tech companies such as Apple, Microsoft and Intel suspended operations in the country.

"I very much look forward to detailed proposals from both the finance ministry and the Bank of Russia," Putin said yesterday.

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Meanwhile, EU foreign ministers are considering slapping Putin with yet more sanctions to create further "colossal" problems.

At a meeting in Brussels yesterday, EU foreign affairs chief Josep Borrell declared: "The most important thing is a ban on Russian gold."

Gold is Russia's second-largest export industry after energy.

A ban on exported Russian gold is just one of a slew of new sanctions being considered.

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