03:33 GMT +324 October 2017
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    Chair of the Central Bank of Russia Elvira Nabiullina

    Influence of Sanctions on Russian Economy Exaggerated - Bank of Russia

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    The influence of Western sanctions on the Russian economy is exaggerated, their effect is practically gone, and the Russian economy has also managed to adapt to lower oil prices in the last two years, Bank of Russia Governor Elvira Nabiullina said Friday.

    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.

    Tags:
    anti-Russian sanctions, Ukrainian crisis, European Union, Russian Central Bank, Russia
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