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 Referring to Western sanctions imposed last year because of Russia's
actions in Ukraine, Medvedev told parliament: "Losses from the
restrictions which were introduced are significant.
"According to the estimates of some foreign experts, Russia has
suffered losses of 25 billion euros ($26.7 billion) in total, which
is 1.5 percent of gross domestic product, and in 2015 it could
increase several times," he said in an annual speech to parliament
about the government's record.
Medvedev said Russia's economy had contracted by around 2 percent in
the first quarter, but that the economic situation could have been
far worse and was stabilizing. [ID:nR4N0X6026]
He linked the sanctions to Russia's takeover of the Ukrainian
province of Crimea a year ago, but said the "historic" step had been
justified.
"For many the return of Crimea was the restoration of historic
justice, which in its significance is equivalent to the fall of the
Berlin Wall, the reunification of Germany or the return to China of
Hong Kong and Macao," he said.
Although the economic situation was stabilizing, "there should not
be any illusions" about the difficulties, which had been made worse
by the collapse in international oil prices and "by several domestic
problems that we weren't able to solve".
However, Russia had seen worse in the past and could cope, Medvedev
said.
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"If external pressure intensifies, and oil prices remain at an
extremely low level for a long time, we will have to develop in a
new economic reality," he said.
"I am convinced that we will be able to live even in such a reality.
The experience of the recent period has shown that we have learnt
how to do this."
(Reporting by Daria Korsunskaya and Elena Fabrichnaya, writing by
Jason Bush, editing by Elizabeth Piper)
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