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Ex-finance minister of Russia sees sanctions as primarily negative for Russian economy

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In this file photo taken on Wednesday, Feb. 2, 2011, Russian Finance Minister Alexei Kudrin gestures at a meeting on military salaries chaired by former president Dmitry Medvedev in the Gorki residence outside Moscow, Russian.

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KRASNOYARSK – Sanctions are having a negative impact on the Russian economy, the chairman of the Center for Strategic Research (CSR), former Finance Minister Alexei Kudrin said.

“We are sooner losing position on the global market. The problem is not only related to the drop in oil prices and sanctions. Sanctions are in general very sensitive and are sooner having a primarily negative effect on the Russian economy than a positive one. It’s understandable that we must conduct ourselves in a very principled way in international relations, but we must objectively assess the impact of sanctions. They are having a primarily negative influence on our market,” Kudrin said at the Krasnoyarsk Economic Forum on Friday.

However, Russia has strong internal reserves, he said. “I agree that in the next three to four years the main growth will be related primarily to investment activity. If there will be investment there will be growth. Subsequently it is difficult to increase investment, we need to increase productivity,” Kudrin said.

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