MOSCOW, February 21. /TASS/. At the moment, the Russian economy has managed to overcome the risks that emerged, including due to sanctions, although sometimes it was necessary to act immediately, Russian President Vladimir Putin said in his State of the Nation Address to the Federal Assembly on Tuesday.

"The Russian economy has overcome the risks that have arisen. Indeed, many of them could not be calculated in advance. We had to react literally "on wheels" as the problem arose. Both at the state level and in business. Decisions were made as quickly as possible. I note that private initiative, small and medium-sized businesses have played a huge role here. We must not forget about this. We have avoided excessive administrative regulation, the bias of the economy towards the state," he said.

Putin added that Russia was also able to prevent a drawdown in the labor market, but on the contrary, achieved a reduction in unemployment.

"Today, in the face of such great difficulties on all sides, the labor market has become more comfortable for us than it was before. Remember, before the pandemic we had 4.7% unemployment, and now it is 3.7%. That is an all-time low," he added.