Putin: Economic sanctions as political pressure tool have boomerang effect in modern world

Russia's President Vladimir Putin said economic sanctions in the modern world would eventually reflect on the economies of the countries that initiated them. "It's obvious that economic sanctions as a tool of political pressure have a boomerang effect in today's mutually dependent world and they will eventually reflect on the businesses and economies of the countries that initiated them," Putin said at the St. Petersburg economic forum on Friday, The Voice of Russia reported. He added that he understod very well the concerns of foreign businesses, which had invested billions of dollars in Russia and had successfully established operations there. "Should successful businesses suffer losses and give their achievements and a huge market to competitors to accommodate bad policies?" Putin said. He reiterated that the logic of global political and economic development cannot be changed, noting "the world is multi-polar". "Nations want self-determination, they want to maintain their cultural, historical, and civilization's identity," Putin said. He went on to say that the planet's geo-economic map is changing, alternative economic growth centers are emerging, new integration associations are appearing, and there is a growing demand for collective leadership, in which decisions are made.