Putin: Russia won't repeat mistakes of other countries with spiraling inflation, 4% target remains

ST. PETERSBURG. June 17 (Interfax) - Russia will not allow inflation to spiral, the inflation target is still 4%, Russian President Vladimir Putin said at the St. Petersburg International Economic Forum.

"We will not repeat the bitter experience of our Western colleagues, who have let inflation spiral and unbalanced their finances," he said.

"Our goal is the stable development of the economy for years to come, reducing the inflationary burden on citizens and businesses, achieving the target inflation rate of 4% in the medium and long term... 4% is still the target," he said.

One of the principles of Russia's long-term development is a responsible and balanced macroeconomic policy, Putin said. "In many respects it has been this policy that has enabled us to withstand unprecedented sanctions pressure. For us, this policy is important not only as a response to current challenges, but also in the long term," he said.