Russia says it is losing up to $US140 billion ($A151.47 billion) a year because of Western sanctions over the Ukraine conflict and plunging oil prices, but President Vladimir Putin has dismissed the economic damage as "not fatal".
"We are losing around $40 billion per year due to geopolitical sanctions," Finance Minister Anton Siluanov said in a speech at an economic forum in Moscow, quoted by RIA Novosti news agency.
Siluanov added that falling oil prices were also causing Russia economic damage of "some $90 to $100 billion per year".
The European Union and the United States have imposed several rounds of sanctions on Russia over its role in the Ukraine conflict, sending the rouble plunging and inflation soaring.
The embargoes targeting Russia's key energy, defence and finance sectors have been compounded by the sliding crude prices.
But Putin insisted that the falling rouble would only hurt the Russian economy "to an extent, but not (cause) fatal" damage.
In Sunday's interview with TASS news agency, he stood firm over the Ukraine issue, saying that Russia is "right" and that its "strength comes from the truth".
Putin also rubbished a Western blacklist of Russian officials and businessmen from his inner circle, saying the decision to impose sanctions on those individuals in an attempt to hurt him was based on a "false premise".
Foreign Minister Sergei Lavrov on Saturday accused the West of attempting to achieve "regime change" in Russia through sanctions aimed at destroying the economy and rousing public protests.
Russia has retaliated by imposing an embargo on most food products from the United States, Canada, Australia, Norway and the European Union. Food prices have noticeably risen in recent weeks.
Russia's finance minister on Monday sought to play down the impact of sanctions on the country's economic woes, saying crude prices were the key determinant.
"The oil price has fallen 30 per cent since the beginning of the year. By the way, the rouble has also fallen the same 30 per cent... I say look at the oil prices. However they behave, the rouble exchange rate will too."
The rouble has fallen to a series of record lows against the dollar and euro during the conflict in east Ukraine before rallying a little this month after the European Union decided not to impose yet another round of sanctions.
Share
