Russian economy weathers worst of Western sanctions despite serious damage

The Russian economy has sustained serious damage from Western sanctions but is finally through the worst of their impact, Sergey Ivanov, the chief of staff of the Russian presidential administration, said in an interview broadcast Saturday, Sputnik reports.

"Sanctions have dealt considerable damage but I assume that it is no longer critical. Not only inflation is in decline but goal and foreign currency reserves are growing, while the Reserve Fund and the National Welfare Fund have not shrunk… It is tremendous progress, " Ivanov told Russia's Vesti v Subbotu weekly news program on the Rossiya television channel.

Western countries have imposed sanctions targeting Russia's banking, energy and defense sectors after Crimea's reunification with Russia.