Russia has succeeded in stabilizing the economic situation in the country and endorsing measures to adapt to the new economic environment, Prime Minister Dmitry Medvedev said.
MOSCOW (Sputnik) — Since 2014, the Russian economy has been in a slowdown caused by a drop in global oil prices, and, partly, by Western sanctions imposed on Moscow over its alleged involvement in the Ukrainian crisis — a claim that Moscow has repeatedly denied.
Economic turmoil peaked in December 2014, when the ruble and Russian stock exchanges dropped to their lowest level since 2009.
"Russia has and will always have a safety margin. By taking timely action, including support for domestic producers, incentives for non-oil and gas exports, and enforced forex and monetary policies, we were able to stabilize the situation and to adapt to the new environment," Medvedev said in an interview with Slovenian newspaper Delo on the eve of his visit to Slovenia.
Medvedev noted that Russia' economic problems were not as related to Western sanctions as much as they were "related to the accumulated domestic structural imbalances."
"We are fully aware of all our economic ‘ills’ and are consistent in our efforts to fix them. The worst has been avoided despite all the pessimistic forecasts."
In January 2015, the Russian government presented an anti-crisis plan, stipulating 10-percent spending cuts in the hope of balancing the budget.
After that, the Russian ruble began to strengthen against the dollar and the euro.
In April Russian President Vladimir Putin said the country’s economy may rebound within the next two years.