Russian Market Adapts to West's Sanctions, Timeline for Removal Unimportant

The Russian economy has fully adapted to the Western sanctions regime during 2-year period, according to Russian Economic Development Minister Alexei Ulyukaev said Wednesday.

MOSCOW (Sputnik) – The Russian economy has fully adapted to the Western sanctions regime, making the time frame of their removal inconsequential to Russia, Russian Economic Development Minister Alexei Ulyukaev said Wednesday.

March 16 marks the two-year anniversary of Crimea's reunification with Russia, when a referendum on whether to join Russia was supported by over 90 percent of voters who went to the polls in the peninsula.

"Of course Crimea is our land. It always has been and always will be ours. And the sanctions regime is something that we have completely adapted to as an economy," Ulyukaev said at a plenary session of the lower house of parliament.

The US State Department said in a statement on Tuesday that it did not recognize the referendum and vowed to maintain anti-Russia sanctions "as long as the occupation continues."

"In fact, whether it [the sanctions regime] disappears this year, in 5 years or 10 years does not matter," Ulyukaev stressed.

Washington, the European Union and several of their allies imposed a series of sanctions targeting key sectors of the Russian economy, as well as a number of individuals and entities over Crimea’s reunification with Russia and Moscow’s alleged interference in the Ukrainian conflict.

Russia has regularly denied playing a role in the clash between Ukrainian government forces and pro-independence militia. It maintains that the referendum on the Black Sea peninsula was held in accordance with democratic principles and reflected the will of the people.