Russian President Vladimir Putin told his government and citizens to prepare for rising unemployment and inflation despite the failed economic sanctions from the West.
In a televised government meeting, Putin called on his countrymen to rise above the sanctions imposed by the West.
It is not easy for us now, Putin said.
He predicted a rise in inflation and unemployment in the Russian economy.
The new realities will require deep structural changes in the economy.
At the meeting, Putin ordered government officials to increase social benefits and make sure the country had adequate supplies of essential consumer products. Putin said consumer spending went up by 1 trillion rubles after the invasion of Ukraine.
The Russian leader told officials that the Kremlin had the resources to solve long-term tasks.
The current situation is a test. We will pass it with dignity and hard work. We will overcome these difficulties.
After the US, UK, European Union, and other Western nations imposed sanctions on Russia, Putin held a meeting to address economic issues. Wealthy businessmen with links to the Kremlin are among several institutions targeted.
Russia's central bank responded to the sanctions by doubling its base interest rate and buying more gold.
The Moscow Stock Exchange has been closed for three weeks to prevent a collapse in equity prices.
Western companies including McDonald's, Coca-Cola, and the oil giants are leaving Russia.
Russia could nationalize foreign companies if they stop doing business in the country.
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