World Economy

Russia Says Economy Growing

Russia Says Economy GrowingRussia Says Economy Growing

Western sanctions helped Russia pay attention to internal economic issues, with the country’s economy entering an active growth phase due to trade and economic policies, Russian Economic Development Minister Maxim Oreshkin said, Sputnik reported. “The main conclusion of the last three years is that the trade and economic policies directed its attention at the internal issues that we have. We are dealing with resolving them, so despite oil prices remaining at low levels the economy has entered the phase of active growth. This is attributable to the actions which were undertaken in the economic policies in recent years,” the minister told reporters. In August 2014, after the US and its allies introduced several rounds of sanctions against Russia over the crisis in Ukraine, Moscow announced countermeasures, slapping an effective embargo on most agricultural products from countries which had adopted economic sanctions against Russia. Since then, Moscow has repeatedly renewed the measures for three years. Last month, Russian President Vladimir Putin prolonged the sanctions again, this time until 2019.


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