Putin Showed Up At An Event In Moscow In A $14,000 Italian Jacket

The Russian president Vladimir Putin appeared on Friday, 18 March, in a $14,000 Italian jacket at a grand event in Moscow to mark the eighth anniversary of Russia's annexation of Crimea.

More than 200,000 people gathered at Moscow's Lukhniki Stadium on Friday, with the rally-concert broadcast on almost all Russian channels, including entertainment channels.

Putin showed up to deliver a speech in which he tried to justify the brutal war he started in Ukraine, which has brought Rusia serious economic sanctions from the international community.

Putin's $14,000 Italian Jacket

At the event, Putin wore a winter jacket produced by Loro Piana, an Italian designer who seems to be a favorite of the Kremlin leader, according to Ukrainian media reports.
Putin Showed Event In Moscow In A $14,000 Italian Jacket
Picture Credit: NEXTA
The garment is listed for sale on the clothing company's official website at a price of 1,445,000 rubles, equivalent at Friday's exchange rate to about 12,800 euros (approximately 14.150 dollars).

The minimum monthly wage in Russia was 13,890 rubles, or about 177 dollars, at the beginning of 2022. In Moscow, it was set at 21,371 Russian roubles, or about $272.

The jacket is part of the 2021/2022 collection.

"Putin addressed the Russians and quoted from the Bible in a Loro Piana jacket worth 1.5 million rubles. It is the president's favorite Italian brand. The jacket, by the way, is part of the new 2021/2022 collection," reads the comment posted on the Telegram channel by journalists from TMT publication.

The Economy Of Russia Is Devastated

Russia's economy has collapsed under the weight of Western sanctions.

Western sanctions on Moscow over the attack on Ukraine have dealt an unprecedented blow to Russia's banking and financial system and will likely lead to major disruptions in trade and inflation.

To avoid a default, Russia has stepped up efforts to prevent capital outflows and prop up the ruble, which has already seen a steep fall in value against the dollar.

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