Will overcome colossal high-tech problems caused by sanctions: Putin

Russian President Vladimir Putin on Monday vowed to overcome the "colossal" high-tech problems his country is facing due to the onset of unprecedented Western sanctions over Ukraine. The Kremlin chief said the West had deployed sanctions to cut off Russia from high-tech products in order to contain the country's development.He said that Russia would overcome "any difficulties" if it makes high tech a major focus of its development."This is a huge challenge for our country," he told a meeting on the country's strategic development. "Realising the colossal amount of difficulties we are facing, we will look for new solutions in an energetic and competent manner." He said Russia would also use "sovereign" technology and products of domestic innovative companies. Many top tech companies including Apple, Microsoft and Intel suspended their operations in Russia, or left the country altogether, after Putin sent troops to Ukraine on February 24, leaving Russia without any domestic alternatives.

Putin said that many fast-growing Russian companies such as online retailer Ozon or technology company Yandex have been cut off from Western financing because of the sanctions. He said Russia must quickly create alternatives so that such companies can attract the necessary financing at home and continue their development. At the same meeting, Deputy Prime Minister Dmitry Chernyshenko said that the Russian IT sector would overcome the adverse consequences of the sanctions in about three to five years.