Russia’s President Vladimir Putin says that the barrage of Western sanctions against Russia has failed.

Putin said Monday that the West “expected to quickly upset the financial-economic situation, provoke panic in the markets, the collapse of the banking system and shortages in stores.” He added that “the strategy of the economic blitz has failed.”

The Russian leader spoke in televised remarks during a video call with top economic officials.

Putin noted that “Russia has withstood the unprecedented pressure,” arguing that the ruble has strengthened and the country has recorded a historic high trade surplus of $58 billion in the first quarter of the year.

Instead, he contended that the sanctions backfired against the U.S. and its European allies, speeding up inflation and leading to a drop in living standards.

Putin acknowledged a sharp hike in consumer prices in Russia, saying they rose by 17.5% as of April on a year-to-year basis and directing the government to index wages and other payments to alleviate the impact of inflation on people’s incomes.

AP