“We have evaluated the sanctions’ impact, different rates of capital flight and money appreciation,” said Andrey Klepach, now Deputy Chairman of sanctioned Vnesheconombank’s board. “They will obviously have a considerable adverse effect on GDP growth, not as much this year, when it will be limited due to lags, as in 2015.”
At the same time, Russia had ways to passively adapt to the situation, said former deputy minister. “We have considerable reserves - currency reserves and the National Wealth Fund that can be invested,” said Klepach. Under the present circumstances, Russia could invest in the economic development the entire NWF, he added.
The Russian government has recently boosted the NWF share to be invested in infrastructure projects from 40 to 60%