Western sanctions have not exerted particularly negative impact on Russian industrial sector and it has almost fully adapted to them instead, Russian Industry and Trade Minister Denis Manturov has said.
I would say it adapted almost fully. If one looks back, it is clear that the sanctions did not have a particularly negative impact, Manturov said Monday in an interview with Russian news agency RIA Novosti, adding that the imposed sanctions had allowed the countrys authorities to respond to existing challenges more effectively.
He said the outlook for a 2-percent industrial production growth in 2017 is not changed, and in the first six months of 2017, we already have a 2-percent growth.
The most positive dynamics were shown in pharmaceutical and chemical, car manufacturing, electrical equipment manufacturing, and consumer goods industries. We have reasons to believe that in the second six months these positive trends will remain, said the minister.
In July, the Russian Economic Development Ministry announced that Russias economic growth accelerated in the second quarter and is likely to exceed 2 percent for the entire year.
The bill will also grant the U.S. Congress the power to block President Donald Trump from unilaterally lifting sanctions. Trump later signed it into law.
Days later, the European Union (EU) broadened sanctions on Russia, adding three persons and three companies to a sanction list.