Putin calls on US to abandon 'unilateral sanctions', says $60 oil 'acceptable'

Speaking at the "Russia Calling!" investment forum hosted by VTB Capital, on Wednesday, said Moscow was hoping that the topic would be broached with the US President when the two leaders met at the upcoming G-20 summit in Buenos Aires, Argentina.

Indeed, he argued that sanctions would backfire on Washington, by fueling the search for alternative reserve currencies and for creating non US dollar-based settlement systems, TASS reported.

To back-up his arguments, he pointed out how 70% of the Russian Federation's exports to and 30% of its imports from euro area and European Union nations were already denominated in roubles.

On the subject of oil, Putin reportedly indicated that a price of around $60 a barrel was "absolutely acceptable", given how his government's budget was in fact premised on an oil price of $40.

Just two weeks before he had reportedly said that $70 a barrel would suit Russia.

"The price that I am talking about is balanced and fair. We are still in contact with OPEC, and, if necessary, we will continue this joint work."

In particular, Putin highlighted the contribution of Saudi and of Crown Prince Mohammed bin Salman Al Saud in achieving a successful OPEC+ deal in 2017, helping to craft a deal that was in the interest of both consumer and producer nations.

On the outlook for the country's economy, the Russian President hailed the economy's resilience in the face of multiple challenges, highlighting the 4.1% rise in fixed asset investment.

"This demonstrates that investors feel confident about the future, being aware of the policy pursued by the Russian financial authorities. It is stable, reliable and predictable [...] many factors indicate that the economy has adjusted to the external shocks."