Russia will not bend under sanctions – finance minister

Responsible fiscal policies and strategic resource management have kept the country self-sufficient, Anton Siluanov says

Russia has managed to adapt to foreign pressure and expand its economy, despite being the world’s most-sanctioned country, Finance Minister Anton Siluanov told RT’s Rick Sanchez on The Sanchez Effect.

Many Western nations have imposed sweeping restrictions on Russia since 2022 over the Ukraine conflict, targeting sectors such as trade, energy, and finance.

Nevertheless, the Russian economy has grown by over 4% over the past two years, and real incomes rose by more than 7% last year, Siluanov noted.

“Our debt-to-GDP ratio stands at 15% – one of the best among G20 countries. Our budget deficit is the lowest, at just 1.7% in 2024, and this year it will remain about the same. A responsible financial policy is yielding results,” he said.

Russia is not a country that will bend under sanctions. First, our territory is vast, and we are a self-sufficient nation capable of providing everything we need – from energy resources to food and intellectual capital. Second, in response to sanctions imposed by the G7 countries, we have reoriented our export and trade flows primarily toward BRICS nations – and we see that this strategy has succeeded.

“Their intent is to damage Russia, but they are hurting themselves even more,” he added, noting that the government responded to the pressure with a broad set of measures – from supporting key industries and small businesses to investing in sectors like tourism. The reforms, he said, have helped reduce the country’s reliance on the global energy market.

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“Yes, we are living under difficult conditions, surrounded by restrictive measures. But we are living – and developing – and that is what matters most,” Siluanov concluded.