"We have said from the beginning that all sanctions are counterproductive, will not bear any fruit and will have a negative effect on everyone — both on Europe and, unfortunately, us. This is what happened — Europe has lost, and partially so have we. But I would not call the overall effect of the sanctions against us significant," Dvorkovich told Rossiya-24 television channel.
According to Dvorkovich, the sanctions were not the main reason for the current economic slowdown.
"In light of the still-high dependence of our economy on the oil prices, on other energy sources, the fall in those prices affected us more than the sanctions," Dvorkovich said.
The Russian economy has been experiencing an economic slowdown since 2014. The downturn has been attributed to the global slump in oil prices and the geopolitical tensions.
The European Union, alongside the United States and other Western countries, has imposed sanctions on Russia, targeting the country’s banking, defense and energy sectors, over its alleged role in the Ukrainian crisis. Moscow has repeatedly denied those allegations.
Global oil prices have dropped dramatically due to oversupply in the market since the summer 2014. The Organization of the Petroleum Exporting Countries' (OPEC) decision in November 2014 to keep its oil output levels unchanged led to a further slump in crude oil prices.
