Russian economy impacted by global situation more than by sanctions - Putin
MOSCOW. June 15 (Interfax) - The global situation has done more harm to the Russian economy than the sanctions, Russian President Vladimir Putin said.
"What did those sanctions do, did they make an impact or not? Yes, they did. Was the impact drastic or not? I do not think so. We have experienced a much bigger impact from the global situation and the fall of prices on our traditional commodities: oil, gas, metallurgical industry, chemicals, etc," Putin said in his Q&A session on Thursday.
The U.S. Department of State believes that the anti-Russian sanctions have cut Russia's GDP by 1%, while European officials suggest a slightly bigger decline, Putin said.
At the same time, the United Nations estimated the losses incurred by Russia from the sanctions at around $50-52 billion, while countries that imposed the sanctions lost $100 billion.
The sanctions have even had some positive effect for the Russian economy, Putin said.
"The output of our important and complex industries has really started to grow: we have restored our competence in radio-electronics to a considerable extent, as well as in the aircraft and rocket industries, positive processes are underway in pharmaceutics, heavy machine building, not to mention agriculture, which, as we know, has posted a growth of about 3%," Putin said.
Russia has become the world's leader in wheat exports, he said.
"Our imports have shrunk manifold, and we [are developing] domestic production of pork and poultry, we have practically met domestic demand and are even looking for other markets," the president said.
For instance, negotiations are being held with China on the opening of its market to Russian pork and poultry suppliers, he said.