Russian Finance Ministry expects sanctions impact to ease

MOSCOW: The negative impact of Western sanctions against Russia will ease over the next several years, the Russian Finance Ministry said on Monday in a budget forecast for up to 2036.

The impact will wane when Russia repays the main chunk of its foreign debt, the ministry said, adding that Russia had already passed the peak of forex debt repayment in 2015.

Russian Deputy Finance Minister Vladimir Kolychev, presenting the new forecast, said Russia plans to borrow the equivalent of up to 1.4 percent of gross domestic product (GDP) to service its foreign debt and invest into infrastructure projects over the next six years.