Finance minister assures Russia will not bend under sanctions
(MENAFN) Russia has successfully adjusted to unprecedented international sanctions and continues to grow its economy, Finance Minister Anton Siluanov said in an interview with RT’s Sanchez Effect. Despite being the most heavily sanctioned country in the world since 2022 due to the Ukraine conflict, Russia’s economy has expanded by over 4% in the past two years, with real incomes rising more than 7% in 2024, he noted.
Siluanov emphasized that Russia’s debt-to-GDP ratio is just 15%, among the lowest in the G20, and the 2024 budget deficit was only 1.7%. “Our responsible financial policy is delivering results,” he stated.
He stressed that Russia is resilient and won’t yield to sanctions. “We are a vast and self-reliant country, able to supply our own energy, food, and technological expertise,” Siluanov said. In response to Western sanctions, Russia has redirected much of its trade toward BRICS nations—a move he described as effective.
Siluanov argued that sanctions intended to harm Russia have had greater negative impacts on the countries that imposed them. The Russian government, he explained, responded with targeted support for key industries, small businesses, and investments in tourism and other domestic sectors. These reforms have helped reduce dependence on global energy markets.
“While we face tough conditions and restrictions, the important thing is that we are not only surviving—we are growing,” Siluanov concluded.
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