Russian Citizens Face 'Unprecedented' Hardship... Putin Delivers Speech Wearing 16 Million Won 'Luxury' Outfit

Coat and Turtleneck Combined Near 20 Million KRW
"Coat Price Over Twice Russia's Average Annual Salary"
"Putin Claims 'Universal Values' Wearing Luxury Goods"

Russian President Vladimir Putin delivering a speech wearing an Italian luxury coat worth nearly 16 million won / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] Despite the severe economic sanctions imposed by the West causing hardships for Russian citizens, Russian President Vladimir Putin's 'love for luxury goods' seems undiminished. On the 18th (local time), during a speech held in Moscow, the capital of Russia, controversy arose as President Putin appeared wearing luxury clothing worth tens of millions of won.

On that day, President Putin took the stage at the Luzhniki Stadium in Moscow for the '8th Anniversary Celebration Concert of the Annexation of Crimea' and delivered a five-minute speech. Previously, Russia invaded and took control of Ukraine's Crimean Peninsula in 2014 and forcibly annexed it.

In his speech, President Putin stated, "It was necessary to free Crimea from a humiliating state," and claimed, "We will complete all plans. The goal of this special military operation is to stop the mass killings by nationalist armed groups occurring in Donbas (eastern Ukraine)."

He also spoke about Russian soldiers, saying, "Our children stand shoulder to shoulder, helping and encouraging each other. If necessary, they fight devotedly, throwing themselves into battle like brothers," emphasizing, "Such unity in our country has not been seen for a long time."

On the podium that day, President Putin wore a black long padding coat and a white turtleneck. According to Western media such as the Daily Mail, the coat worn by President Putin at the event was from the Italian luxury brand 'Loro Piana,' with a price approaching approximately 16 million won.

The white turtleneck knit worn under the padding was a product from 'Kiton,' costing about 4 million won per piece. This amounts to a fashion ensemble worth around 20 million won.

On the 27th of last month (local time), residents of Saint Petersburg, Russia, lined up in front of an automated teller machine (ATM). / Photo by Yonhap News

Regarding this, the Daily Mail sarcastically criticized, saying, "While the Russian people are suffering from poverty, President Putin wore a 10,000-pound (about 16 million won) coat and boldly declared he is fighting for the 'universal values of all Russians.'"

It added, "The coat (worn by President Putin) is worth about 1.5 million rubles in Russian currency, which far exceeds twice the average annual salary of Russians last year, 678,000 rubles (about 7.9 million won)," and pointed out, "After the barbaric invasion of Ukraine, the Russian economy has plummeted to an all-time low, with numerous stores closing, yet President Putin was still able to acquire a high-end Italian jacket."

Following the large-scale invasion of Ukraine by Russian forces on the 24th of last month, the Western coalition including the United States, the United Kingdom, and Europe has been enforcing harsh economic sanctions. These include reducing imports of Russia's major exports such as crude oil, natural gas, and minerals, freezing Russia's offshore assets, and Western companies withdrawing from Russia.

On the 17th, the US media outlet 'The New York Times (NYT)' cited a report from 'Bank of New York Mellon,' estimating that due to Western sanctions against Russia, including the US, Russia's economy is expected to lose about 200 million dollars (approximately 240 billion won) in Gross Domestic Product (GDP) in the first quarter (January to March) of this year alone. As economic instability deepens, the value of the Russian ruble has also plummeted by about 27-30% compared to just before the Ukraine war.

The ones bearing the greatest damage from the economic sanctions are ordinary Russian citizens. According to data from the 'Russian Federal State Statistics Service,' from the 5th to the 11th, Russia's inflation rate was 2.1%, marking the second highest level in 20 years. Looking at food price inflation alone, it reached 10.4%, indicating severe inflation. Sugar prices have surged by more than 15% in the past two weeks.

This content was produced with the assistance of AI translation services.