Effects of sanctions less acute than expected: Bank of Russia

Central Bank of Russia (Photo by Ludvig14 – Own work, CC BY-SA 4.0)

MOSCOW – Effects of sanctions against Russia have been less acute than expected so far, Central Bank chief Elvira Nabiullina said on Friday at the press conference.

“Yes, we see our export has not plunged as low as we initially expected. Yes, effects of sanctions have probably less acute manifestation than we were afraid of. This also shows the ability of companies to adapt. However, it is premature to say that the full effect of sanctions has shown itself,” Nabiullina said.

It is early to make conclusions about the situation of the structural changes in the economy, the official said. “The situation is uncertain, the situation is evolving, the situation of the structural transformation in the economy and its ability for transformation is also a process, and that is why it is premature to make any conclusions in this regard,” Nabiullina added. (Anadolu)