President Vladimir Putin stated Monday that Russia’s economic system become stabilizing after being hit via extraordinary sanctions over the army marketing campaign in Ukraine.

“The Russian economic system keeps stabilizing. Inflation has slowed down, the weekly charge of charge boom has approached normal levels and charges for a few items have already begun to say no,” Putin stated at some stage in a televised authorities assembly.

He added that it was due to two factors: the ruble “actively strengthening” and the “dynamics of consumer demand”.

“After a spike in February-March, there is an objective decline in consumer activity,” Putin said.

Since Moscow moved troops into Ukraine on February 24, Russia has been hit with a barrage of worldwide sanctions, inclusive embargoes on key exports, accelerating already high inflation.

While Putin has stated Russia’s financial system weathered the sanctions properly, economists trust that the worst economic effect continues to be to return.