Russia's operation in Ukraine not cause of global inflation

Russian President Vladimir Putin said Friday that Moscow's military intervention in Ukraine was not the cause of global economic troubles, instead blaming Western countries for using the situation to cover up their own mistakes. 

"What is happening is not the result of recent months, much less the result of a special military operation that Russia is conducting in the Donbas," Putin said referring to the predominantly Russia-speaking region of Eastern Ukraine. 

"The rising prices, inflation, the problem with foods, prices for fuel.. are the result of systematic mistakes in the economic policy of the current US administration and European bureaucracy," Putin said in televised remarks at the Saint Petersburg International Economic Forum.  

Gas prices were also on the rise Friday, exacerbated by the decision by Russian energy giant Gazprom to slash deliveries to Europe, citing repair works. 

Putin said that high energy prices "have been observed since the third quarter (of last year), long before the start of our operation in Donbas", adding that the price hikes were also the result of Europe's "failed energy policy". 

Putin said the food and fertiliser shortage "threatens starvation primarily in the poorest countries. And this will be entirely on the conscience of the administration of the United States and Europe".