Vladimir Putin, speaking at a meeting with the government, called the shortage of gasoline and diesel fuel 'temporary difficulties,' asserting that the economy remains stable despite attempts to destabilize the fuel and energy sector.
The main cause of the problems in the sector, he said, was drone attacks on oil refineries. Due to damage, a number of refineries have halted or reduced crude processing and are unable to fully recover in time.
Russia's state statistics service, Rosstat, recorded the largest decline in petroleum product production in 20 years, according to the independent outlet Current Time. At the same time, the Economy Ministry reported that GDP growth slowed to 0.3% in May and to 0.2% over the first five months of the year.
Putin linked the economic dynamics to rising domestic demand and bank lending. Central Bank Governor Elvira Nabiullina confirmed that lending is growing. On Friday, the central bank will decide on its key interest rate; analysts expect it to remain at 14.25% due to rising inflation and the fuel shortage.
Putin also claimed that budget revenues — both oil-and-gas and non-oil-and-gas — are growing. He called for orienting economic policy toward long-term goals and launching a new investment cycle.
Western media, according to Current Time, write that after four and a half years of war, Russia has turned into a 'supplicant' in its relations with China.