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Russia manages to adjust to sanctions impact — Finance Minister

January 29, 2015, 21:57 UTC+3 NEW YORK

The lack of capital due to sanctions is estimated at $40-50 billion

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Anton Siluanov

Anton Siluanov

© Mikhail Japaridze/TASS

NEW YORK, January 29. /TASS/. Russia managed to adjust to the consequences of Western anti-Russia sanctions, the country’s Finance Minister Anton Siluanov said on Thursday.

"The sanctions against Russia had a negative impact on us. However, the Russian companies and the country’s balance of payments managed to adjust. The ruble devalued, but as you can see life goes on in Russia," Siluanov said in an interview to CNBC television channel.

The minister added that the plunge in the world oil prices has had a more serious impact on Russia’s economy. According to Siluanov, the country’s total loss from both sanctions and oil price fall exceeded $200 billion.

"The key factor was the fall in oil price. We estimate lack of capital due to sanctions to total $40-50 billion," the minister said.

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