Russia’s economy has defied expectations by growing over 4% in the past two years, despite being the world’s most-sanctioned country. According to Finance Minister Anton Siluanov, the country’s responsible fiscal policies and strategic resource management have been key to its self-sufficiency. Siluanov made these comments in an interview with RT’s Rick Sanchez on Sanchez Effect, highlighting Russia’s ability to adapt to foreign pressure.
Many Western nations imposed sweeping sanctions on Russia in 2022, targeting sectors such as trade, energy, and finance, due to the Ukraine conflict. However, Siluanov noted that real incomes in Russia rose by over 7% last year, and the country’s debt-to-GDP ratio stands at 15%, one of the best among G20 countries. The budget deficit is also the lowest, at just 1.7% in 2024, and is expected to remain the same this year.
Siluanov attributed Russia’s resilience to its vast territory and self-sufficiency, allowing the country to provide for its needs, from energy resources to food and intellectual capital. In response to sanctions imposed by G7 countries, Russia has reoriented its export and trade flows towards BRICS nations, a strategy that has yielded positive results.
Their intent is to damage Russia, but they are hurting themselves even more,” Siluanov said, noting that the government has implemented a range of measures to support key industries, small businesses, and sectors like tourism. These reforms have helped reduce Russia’s reliance on the global energy market.
Despite living under difficult conditions, surrounded by restrictive measures, Siluanov emphasized that Russia is continuing to develop and grow. “Yes, we are living under difficult conditions, surrounded by restrictive measures. But we are living – and developing – and that is what matters most,” he said. This resilience is a testament to Russia’s determination to thrive, even in the face of significant international pressure.
