ST. PETERSBURG, June 6. /TASS/. Sanctions have become one of key factors of Russia’s economic growth, Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum (SPIEF).

"Why did it happen so fast (why did Russia become the world’s fourth-biggest economy on GDP in terms of purchasing power parity - TASS)? I think it’s all sanctions’ fault," he said, adding that the process of economic growth "has accelerated."

According to the World Bank’s revised GDP assessment in terms of purchasing power parity in 2024, Russia was the world’s fourth-biggest economy on GDP in terms of purchasing power parity.

The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme is "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.