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3 Aug, 2023 12:07

Russia has emerged from sanctions crisis – Kremlin

Now is the time for rapid economic development, the presidential spokesman has said
Russia has emerged from sanctions crisis – Kremlin

Russia has finally overcome the economic downturn caused by Western sanctions and can now take steps to rapidly develop its economy, Kremlin spokesman Dmitry Peskov said on Thursday.

Speaking at a youth forum in the Moscow region, Peskov noted that according to all forecasts, Russia should have "fallen into an abyss both economically and socially" after the sanctions were imposed. But that failed to happen, he said.

"We have emerged from the crisis, and our prospects for rapid development are good by today's standards. This is a unique situation. You will study how this was possible and where our country, our people found such strength," he told the forum participants.

According to Peskov, among the many factors that enabled Russia to withstand the large-scale sanctions pressure are patriotism and a sense of belonging among the people.

After the start of Russia's military operation in Ukraine last year, Western countries imposed several rounds of sanctions against Moscow, targeting its banking sector, government debt, energy, and other industries.

Last week, President Vladimir Putin said that Russia’s gross domestic product (GDP) was expected to grow by more than 2% this year, and that the growth would fully cover the economic decline the country saw in 2022. He warned however, that Western sanctions could still have a negative impact in the medium term.

Finance Minister Anton Siluanov said in April that Western countries, and particularly the European Union, had exhausted their options for sanctions that could hurt Russia.

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