Yesterday, Putin gave a 37 minute speech laying out his plans for the post-sanction economy. He goes into great detail.
Here are the things he is not doing:
He will not print extra money.
He will not engage in price controls.
He will not seize foreign assets.
He will not care about the oligarchs having their money and yachts seized.
What he will do:
Expand Russian imports into the emerging markets in Asia.
Raise the minimum wage and retirement payments.
Create a more uniform welfare/social net.
Grant governors greater autonomy over local economic matters.
Provide assistance to help Russians start small businesses.
Remove regulations and bureaucracy that make it hard to start businesses.
Pay government contractors faster if they agree to re-invest money in their business.
Putin seems to shatter the entire media narrative about these oligarchs being so important to him. He says that he pleaded with everyone to keep their money in Russia. Putin states that the West is helping Russia cleanse itself from “fifth column scum and traitors.”
He also mocked the USA and Western Europe, saying they are imploding over rapidly growing income inequality and ethnic/racial tension. He thanked the Western businesses that have remained in Russia and said the others are free to return and resume operations.
There is another YouTube video with subtitles that are easier to read, but it was not sharable. Click here and press the CC button.