The possibility of more Western sanctions against Moscow is the key risk for the Russian economy, as much as 21% of which has already felt the impact of existing sanctions, Russia's Analytical Credit Ratings Agency said in a report.
According to the agency, Western sanctions are expected to weigh on Russia's oil-dependent economy in the longer run, having dented incomes of Russian households.
"The risk of widening of anti-Russian sanctions remains one of the key risks that the Russian economy could face this year," Reuters cited ACRA as saying.
For now, Russia's international reserves, which stood at nearly $456 billion as of late June, "fully cover external debt, which is vulnerable to wider sanctions," ACRA said.
"Sanctions should not be named the key factor that limits economic growth in Russia in the mid-term ... The impact of sanctions on growth rate could turn out to be more pronounced in the long term for both companies and the economy in general," ACRA added.
Restrictions imposed on Russian oil and gas companies in 2014 will affect their oil output in 2020s, ACRA said.
Sanctions have also hit Russia's major state-owned banks, which account for 54% of banking assets. But the sanctions' impact on the financial health of companies and banks has been less pronounced than that of the country's economic policies, ACRA said.
"Counter-sanctions have resulted in price growth and a decline in households' incomes by 2-3 percentage points in 2014-2018," ACRA said.
