Vladimir Putin admitted that there were “problems and difficulties” after Russia invaded Ukraine, but said they would prove to be counterproductive for the West.

The Russian economy is experiencing a tightening of its finances, causing the ruble to plummet to new records and rating agencies to forecast that Moscow will default on its debts.

However, Putin stated that the sanctions would make it more difficult for consumers to access the countries that imposed them. He also said that Russia would resolve its problems and become stronger.

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As more multinational corporations, from Burger King to Goldman Sachs, sought to cut ties with the country amid global outrage at the invasion, his defiant comments came as more multinationals made similar remarks.

Dmitry Peskov, a Kremlin spokesperson, admitted earlier that Russia was experiencing a “shock impact” due to an unprecedented “economic warfare”.

Anton Siluanov, Russian finance minister, stated that “Western countries are trying create a shortage in everyday imported goods in the country, forcing closure of foreign-owned businesses that are successfully operating.”

Western countries announced measures including a freeze of Russian central bank reserves, the removal of major Russian lenders form the SWIFT global messaging network that allows payments, and personal sanctions against a number of oligarchs.

On Thursday, new data showed that trade was slowed by multinationals pulling out, and container shipping giants like Maersk and MSC suspending cargo shipment to the country.

FourKites supply chain monitoring platform showed that import volumes for week ending March 8 were 40% lower than the week prior to the invasion.

Putin admitted that sanctions were having an impact.

During a televised meeting of the Russian government, the Russian president stated that “there are some questions and problems but we have overcome them in the past and we will overcome these now.”

“In the end this will all lead us to greater independence, self-sufficiency, and sovereignty.”

“It is obvious that people demand certain goods at such times, but we have no doubt we will solve all these issues while working calmly.”

Putin stated that Russia was “inviting” countries to take “unfriendly measures” towards Russia. He said they were asking their citizens to “pull in their belts and dress warmer. They are calling on us to point out the sanctions that we are imposing against them as the cause of our worsening condition.”

These remarks were made as new figures showed US inflation at an all-time high of four decades. This situation is likely to get worse as a result of war and sanctions, which include America’s plan to cut off Russian oil imports.

Russian leader also pointed out that Russia is a major producer and exporter of fertilisers for agriculture. He said that western actions would have unintended consequences on world food markets.

Putin stated that Russia, a major supplier of energy to Europe, would continue to fulfill its contractual obligations.

The Kremlin stated earlier that it had prohibited exports of certain items, including telecom, medical, automobile, electrical, and tech equipment, until the end.

Western companies are continuing to cut ties, in addition to the government action.

Major corporations, including Shell and BP, as well as Coca-Cola and PepsiCo, and McDonalds, have already indicated that they will close down or plan to sell their assets in the country.

Burger King announced Thursday that it would end corporate support for 800 Russian restaurants.

Wall Street bank Goldman Sachs announced that it would close its Russian operations.

Fast Retailing, the owner of Uniqlo fashion chain, announced it was closing 49 stores temporarily following backlash from its boss’ comments that Russians have as much right to purchase clothes as any other.

Rio Tinto, a UK listed mining company, announced that it would cut all ties to Russian companies.

Japan’s Sony and Nintendo have suspended the delivery of their gaming consoles.