FM states Russia will not bow under sanctions
(MENAFN) Russia has successfully adapted to Western sanctions and even achieved economic growth, Finance Minister Anton Siluanov said in an interview with RT’s Rick Sanchez on Sanchez Effect. He emphasized that Russia, despite facing more international sanctions than any other nation, has continued to strengthen its economy.
Sanctions imposed by Western countries since 2022 have targeted key sectors such as energy, trade, and finance due to the ongoing Ukraine conflict. However, Siluanov pointed out that the Russian economy has grown by over 4% in the last two years, with real income increasing by more than 7% in 2023.
He highlighted Russia's strong fiscal position, noting a low debt-to-GDP ratio of 15%—among the best in the G20—and a modest 1.7% budget deficit in 2024, expected to remain stable this year. According to Siluanov, this reflects the effectiveness of Russia’s financial policies.
“Russia won’t fold under sanctions,” he said. “We are a vast, self-reliant nation, capable of meeting our needs—from energy and food to intellectual resources.” He added that, in response to sanctions from the G7, Russia has successfully shifted its trade focus toward BRICS countries.
Siluanov argued that the West’s sanctions have backfired, causing more harm to those who imposed them. In response, Russia has supported key industries, small businesses, and invested in areas like tourism, helping reduce its dependence on global energy markets.
“While we are operating under challenging conditions, we continue to move forward—and that’s what counts,” Siluanov concluded.
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