Putin: Russia Will Export 50M Tonnes of Grain to Africa, Middle East

Russian President Vladimir Putin stated that Russia would boost grain exports by some 50 million tonnes to Africa and the Middle East.

Addressing a plenary session of the St. Petersburg International Economic Forum on Friday, Putin affirmed that the US is driving up food prices by "snapping up" food on global markets, noting that the EU will lose $400 billion due to heavy sanctions against Moscow following its invasion of Ukraine.

Putin highlighted that sanctions against Russia were a double-edged sword and would only harm the West, accusing some currencies of "committing suicide".

"The economic blitzkrieg against Russia has no chance of succeeding," the Russian leader said. "The eurozone has had huge inflation too since the start of the Special Operation. European countries dealt a serious blow to their own economy all on their own."

During his speech that was delayed for an hour by a suspected Ukrainian cyber attack, Putin accused Americans of "declaring they are sent by God to Earth with their sacred interests".

Moreover, Putin insisted Russia has overcome the peak of inflation and declared the rouble robust, adding: "Nothing will be as it used to be in global politics."

Putin said Moscow would continue to develop as an "open economy" despite Western sanctions.

He also asserted that they would keep dealing with Western companies and that he hoped gas flows would increase via new routes.

Russia will continue to expand economic cooperation "with those who want it", he indicated.