Kremlin shrugs off Trump’s sanctions comments

The impact of the latest restrictions will be felt in six months, the US president has hinted

The Kremlin has expressed skepticism about the potential of new US sanctions to seriously affect the Russian economy. This comes after US President Donald Trump hinted that the impact will be felt in six months.

On Wednesday, Washington announced sanctions against two major Russian oil companies, Rosneft and Lukoil, as well as 34 of their subsidiaries.

President Vladimir Putin described it as an “unfriendly move,” but maintained that it would not have a significant impact on the economy. “No self-respecting country and no self-respecting people ever decides anything under pressure,” he added.

Asked about Putin’s reaction on Thursday, Trump said: “I’m glad he feels that way. That’s good. I’ll let you know about it in six months from now.”

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On Friday, Kremlin spokesman Dmitry Peskov expressed skepticism regarding the potential impact. “We will see, indeed. God willing, we will see what happens in six months. We see what we have now. We see what was a year ago, two years ago. God willing, we will see what happens both in six month and in a year.”

Earlier, Russian Foreign Ministry spokeswoman Maria Zakharova called the US move counterproductive, adding that the economy has developed immunity to sanctions.

The Russian economy has demonstrated steady growth over the past few years despite the pressure of the unprecedented Western sanctions. GDP grew by 4.1% in 2023 and by 4.3% in 2024. Although a slowdown is expected this year, it is still projected to grow by 2.5%.

In April, Prime Minister Mikhail Mishustin said the economy is becoming less reliant on oil and gas exports. The government’s revenue is increasing, allowing it to finance growth and development projects and to meet social obligations, he noted.

The Kremlin has argued that the sanctions are backfiring on the nations that implemented them.