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Russian economic situation should not be dramatized, says Central Bank’s ex-chief

According to Gerashchenko, the pace of the Russian economy was slowing mainly because of internal factors

© Artem Korotaev/TASS

MOSCOW, January 12. /TASS/. The former head of the Russian Central Bank, Viktor Gerashchenko, does not see the situation in the Russian economy as tragic.

"I believe nothing especially tragic is going on," the banker said in an interview with the Rossiyskaya Gazeta daily to be issued on Wednesday.

"Yes, when we were into luck with oil prices people got used to live better, with more comfort and a variety of choices. And now, plus under sanctions, problems emerge that are not always connected with an objective growth in prices," he explained.

"We must put up with it for the time being," the former head of the Central Bank said.

According to Gerashchenko, the pace of the Russian economy was slowing mainly because of internal factors. "Due to high prices of oil and gas we have got used to live pretty well in the past few years and disregard the development of our own economy," he said.

"However, its development is the only way out," Gerashchenko said.

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