MOSCOW, February 28 /ITAR-TASS/. Russian Foreign Minister Sergey Lavrov said in an interview with Bloomberg Television in New York that it would be too early to say that Russia’s cooperation with Exxon Mobile in the prospecting and production of oil in the Arctic will be frozen because of sanctions.

“I am not sure that it is going to be put on ice. The exploration will continue. There are substitutions. There might be some delays. But we are not going to wait until the “big brother” changes his mind,” the Russian foreign minister said.

"Yes, the economy is not in very good shape but these things happen. Recession happens, and not only in Russia,” Lavrov went on to say.

"I am not nervous about this and we will certainly survive. And we will not cry uncle I can assure you. We will find the ways to substitute for the loss which will be a loss for those who introduced sanctions first of all,” Lavrov added.

Asked whether state funds are going to be used to refinance and compensate Russian companies that have been sanctioned, Lavrov replied that if it would be done, it would be done with an aim to strengthen the independence of Russian enterprises against those who impose sanctions.

“This is not my cup of tea but I can assure you that the state has money. May be this money will be re-oriented on some things but this money will now be spent more vigorously to make sure that we do not depend on those people who try to put their politics on top of the economic interests of countries, companies and people,” the Russian foreign minister said.