President Vladimir Putin tried to be sarcastic about European companies that left the country because of the invasion of Ukraine, saying that their departure would benefit Russian companies, writes The Guardian.

• “They will suffer great losses because they have lost our market,” Putin said.

Energy, food and clothing manufacturers left Russia last year amid unprecedented sanctions imposed by countries after Russia deployed tens of thousands of troops to Ukraine.

While the government and central bank have acknowledged “difficulties”, Moscow says its economy is resilient.

President Vladimir Putin said on Thursday that Russia’s economy had weathered the worst of the sanctions and was expected to show moderate growth this year, despite what he called efforts to undermine certain industries, Reuters reported.

“For many of those who tried and are trying to create problems for us, it was a surprise how effectively we are countering threats in the economy and in certain sectors of production,” Putin said in a series of televised appearances.

“International institutions must recognize that Russia has not only weathered the expected shocks … the Russian economy is expected to grow slightly this year.”

In his statement, Putin did not provide a specific forecast for Russia’s gross domestic product (GDP).

Russia’s economic landscape has changed dramatically since it invaded Ukraine in February, with Western sanctions excluding its biggest banks from the SWIFT financial network, limiting its access to technology and curtailing its ability to export oil.

While the government and central bank have acknowledged “difficulties”, Moscow says its economy is resilient and that sanctions against the West have intensified due to higher inflation and energy prices.

Analysts forecast Russia’s GDP to fall by 2% in 2023, after an estimated 2.5% decline in 2022.