Russian Economy Shows That Sanctions' Impact Limited, Expects Record Trade Surplus: Moscow

MOSCOW (Sputnik) - The state of the Russian economy clearly shows that the consequences of sanctions are limited, and Moscow expects a record surplus of foreign trade, Russian Foreign Minister Sergey Lavrov said on Monday.

"It is obvious that the process of overcoming the consequences of the rupture of these relations continues, as well as the anti-Russian sanctions war itself, waged by countries unfriendly. Was it possible to limit? Absolutely, yes. The state of our economy clearly demonstrates this," Lavrov told reporters.

The minister added that Russia expects a record foreign trade surplus "not only due to changes in commodity prices, but also Russia's reorientation to trade with the countries of Asia, the Middle East, Africa, and Latin America."

"Until recently, a [GDP] reduction of 10-20% was forecast to us at the end of last year, but, as you know, it turned out to be several times less and amounted to 2.5%. International institutions such as the World Bank, the International Monetary Fund, and many experts from the same unfriendly countries have adjusted their assessments and forecasts of the development of the Russian economy," Lavrov said.

Under the conditions of external pressure, Russia is adapting to new realities and solving the main foreign economic tasks, the minister added.