Kremlin spokesperson Dmitry Peskov said on Monday, 28 February, that Russia would be able to endure the gruelling economic sanctions imposed on the country by the Western nations over its actions against Ukraine, AFP reported.
"The Western sanctions on Russia are hard, but our country has the necessary potential to compensate the damage," Peskov said.
He also added that Russian President Vladimir Putin would be conducting meetings with key officials to discuss the likely impact of the sanctions as well as a strategy to tide the country over.
The Russian rouble plunged nearly 30 percent against the United States (US) dollar on Monday due to the imposition of crippling financial sanctions by Western nations.
South Korea, Singapore Join West by Imposing Sanctions
In a rare move, South Korea and Singapore made common cause with their Western allies by imposing sanctions on Russia for its invasion of Ukraine, Al Jazeera reported.
South Korea said that it would put a ban on the export of strategic items and would block certain Russian banks from the SWIFT banking system – a move previously announced by the US and the European Union (EU).
Speaking in support of sanctions against Russia, Singapore foreign minister Vivian Balakrishnan said that the country would impose "export controls on items that can be used directly as weapons in Ukraine to inflict harm or to subjugate the Ukrainians."
The US and Britain have also frozen the assets and banned the travel of around 100 Russian individuals.
The sanctions imposed by the US and Britain on the financial firms and banks of Russia so far are being seen as a move to throw out their assets from local financial markets.
(With inputs from AFP and Al Jazeera.)