Russian Security Council Secretary Points To Economic Windfall From Sanctions

MOSCOW (UrduPoint News / Sputnik - 25th March, 2019) Russian Security Council Secretary Nikolai Patrushev said Western economic sanctions have produced an opposite effect, strengthening domestic production and reducing Russia's dependence on foreign loans.

"Those who imposed sanctions [on Russia] can see they've had a limited and often the reverse impact... External pressure has stimulated Russia to resolve its economic problems," he told the Izvestia newspaper in an interview out Monday.

Before sanctions, he said, Russia borrowed from foreign financial markets to support its real economy, while its financial transactions were controlled by foreign companies.

Now a vast amount of money comes from internal sources and a national payment system has been created, Patrushev added.

Russia's machine-building industry has also been revamped to manufacture parts locally instead of importing them, while food security has been restored by producing the most important food items at home and even increasing exports of some of them.