russia-won-t-bow-to-western-sanctions-says-fin-min-siluanov

Russia’s Finance Minister Anton Siluanov has declared that Moscow will not bow to Western sanctions, insisting the country’s economy remains resilient and is charting a path of independent growth despite global isolation since the onset of the Ukraine war in 2022.

 

In an interview on Friday, Siluanov stated, “We are living, and developing, and that is what matters most.”

 

The remarks come just days after NATO members vowed to escalate pressure on Russia to accept a ceasefire with Ukraine. However, Siluanov dismissed such efforts as ineffective, asserting that Russia had weathered the storm of sanctions and was emerging stronger.

 

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

 

Russia has been under sweeping sanctions targeting its energy, finance, trade and research sectors since its military operations in Ukraine began. Yet, according to Siluanov, the economy has expanded by more than 4 per cent over the past two years, with real incomes increasing by over 7 per cent in 2024.

 

Also read: India dominates Russian oil purchase despite narrowing discounts

 

He added that Russia had successfully reoriented its economic focus away from traditional Western markets.

 

“We have redirected our export and trade flow majorly to BRICS nations, and our strategy has worked well,” he said. “They intended to damage Russia, but they are only hurting themselves as the EU remains dependent on Russian energy, including oil and gas.”

 

Siluanov further claimed that domestic reforms had decreased the country’s vulnerability to global fluctuations, particularly in the energy sector.

 

While acknowledging the hardships brought on by sanctions, Siluanov played down their severity. “Yes, we are living under difficult conditions, surrounded by restrictive measures. But we are living, and developing, and that is what matters most.”

 

He maintained that Russia was self-reliant and capable of meeting its domestic needs independently. “Russia does not feel the pressure of the Western sanctions, as the country is self-reliant and capable of providing everything the people of Russia need.”