“The main conclusion that we can and must draw from the experience gained over almost the past six months is that anti-Russian sanctions have completely failed,” Ulyanov wrote on Telegram.

As Deutsche Wirtschafts Nachrichten noted earlier, Russian President Vladimir Putin was right when he said that the West's economic blitzkrieg against Russia had failed because Moscow was "well prepared for an economic war."

The British magazine The Economist also wrote that the Russian economy is showing resilience despite unprecedented sanctions from the West.