LONDON, (Reuters) – President Vladimir Putin declared Thursday that no Iron Curtain will fall on the Russian economy despite sanctions imposed by Western countries. This is because Moscow won’t close its doors to the outside world as the Soviet Union.

Russia has experienced the largest economic contraction in its history since 1991, when it was one of the most prolific producers of natural resource resources. This is due to the West’s sanctions against Russia over Russia’s invasion.

Putin answered questions about potential deals with India and China amid Russia’s economic “closure”. This was ahead of the St Petersburg Economic Forum next week.

Putin stated to young entrepreneurs, “We won’t have a close economy. We have never had one” during a televised meeting.

We did not create the Iron Curtain in Soviet times. This is not a mistake we will make again. Our economy will open.

Putin, who was born within the Soviet Union in 2005, referred to the collapse of USSR in 2005 as the largest geopolitical tragedy of the 20th century. This is because millions of Russians became poor and Russia fell apart.

Moscow has declared that it is abandoning the West after major U.S. companies and European investors have left Russia. It will instead focus on its domestic industries and form partnerships with China and India, as well as the Middle East’s powerhouses.

Putin stated, “A country such as Russia can’t be fenced-in.”

Russia’s February 24th invasion killed thousands and displaced thirteen million people. There are fears that there will be a wider conflict between America and Russia. Russia is the largest nuclear power in the world.

Putin claims that Russia wants the West to eliminate it, and economic sanctions are similar to declaring economic war. Ukraine claims it opposes an imperial-style land grab, and will not accept Russian occupation.