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Sanctions Damage Russian Economy but Don't Work as Political Tool - Ex-Minister

© AFP 2021 / ALEXANDER NEMENOVA Russian ruble coin is pictured in front of the Kremlin in in central Moscow, on November 6, 2014
A Russian ruble coin is pictured in front of the Kremlin in in central Moscow, on November 6, 2014 - Sputnik International
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Western sanctions damage the Russian economy but do not work as a political tool, a former Russian finance minister said.

KRASNAYA POLYANA (Russia), (Sputnik) — The sanctions imposed on the Russian economy cost the country up to 1 percent of the GDP growth every year but they do not work as an instrument of political influence, former Russian Finance Minister Alexei Kudrin said Wednesday.

"Russia bears significant expenses because of the sanctions. I always mention the figure from 0.8 percent to 1 percent of the GDP growth that is not achieved… annually. That's why the words that the sanctions are insignificant are not true. They have a significant impact on our economy, growth and living standards," Kudrin told reporters.

The former minister added at the same time the sanctions were not effective as a political tool.

"It is another matter that [the sanctions] as the political tool do not function, do not work. I agree with this. It has not influenced our policy at all," Kudrin added.

Following the the beginning of the Ukrainian crisis, the European Union and the United States accused Moscow of meddling in Kiev’s internal affairs and imposed several rounds of sanctions against Russia, as well as decreasing the general level of cooperation with Russia. The Russian authorities have refuted the allegations, warning that the Western measures are counterproductive.

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