Vladimir Putin says he disagrees with the opinion of one of Russia’s most senior bankers that a recession may be looming in the country.

Speaking at the same economic forum that Putin is now yesterday, German Gref, the boss of Sberbank, warned that Russia’s economy looked like it was in “technical stagnation”.

Asked if he agrees, Putin says: “No.”

Gref was in the crowd and laughs along with everyone else.

The banker had called for a reduction in interest rates, but Putin says rates need to be kept high to tackle inflation.

Russia’s economy has suffered under sanctions, relying on a small number of trade partners, since the invasion of Ukraine in February 2022.