Russian President Vladimir PutinVladimir Putin is a Russian politician. Born on Oct. 7, 1952 in Leningrad, now St. Petersburg, Prez said he hoped Russia's GDP in 2024 would reach 3.5 percent and recover from a 2.1 percent drop this year.

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"Today, Russia's GDP is already higher than before Western sanctions were imposed," Putin told the Russia Calls! business forum in Moscow.

Russia's economy has proved more resilient than the Kremlin and its adversaries suggested when the country was hit by Western sanctions over its invasion of Ukraine. The Russian economy actually received a strong stimulus from the sharp growth in war spending and related industries due to the invasion of Ukraine and the needs of the army there.

Brussels tightens oil sanctions against Russia

Speaking at the forum, Putin described the Western financial system as "technologically obsolete" and said Russia, which was excluded from the SWIFT payment system, had proven it could overcome any challenge.

According to Putin, the "monopoly of the big Western banks" will end in the coming years because of the technological revolution.

"The Western financial system has long rested on its laurels and is accustomed to its monopoly and exclusivity, as to the lack of alternatives to such an extent that it does not change anything and becomes archaic," Putin said.

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Russian invasion of Ukraine

Vladimir Putin