MOSCOW (Sputnik) — Since 2014, relations between Russia and the European Union deteriorated amid the crisis in Ukraine, and Brussels, Washington and their allies have introduced several rounds of anti-Russia sanctions over Moscow's alleged involvement in the Ukrainian conflict.
Russia has repeatedly refuted the allegations, warning that the Western sanctions are counterproductive and undermine global stability.
"Sanctions have indeed played a certain role as one of the reasons of the decline [of economy], but… this effect is extremely exaggerated and has dwindled to almost nothing by now," Nabiullina said.
According to the Bank of Russia governor, Russia has adapted to life under sanctions, creating the necessary infrastructure, and to the declining oil prices as well.
"Our economy has really adapted to living in the circumstances determined by those oil prices that exist now. This happened in the last two years," Nabiullina said.