Speaking on Russia's economic position, President Vladimir Putin has said that despite the international sanctions imposed last year, the country has developed an "inner strength" and has managed to replace its imports domestically, which has help fend off and economic crisis.
Putin said that while many-market watchers predicted "deep crisis" for Russia, "this has not happened", he said, speaking from SPIEF on Friday, as inflation and the Russian ruble has managed to regain stability.
EU member states agreed earlier this week to extend economic sanctions against Russia by six months over the Ukraine conflict. Current sanctions expire at the end of July and foreign ministers are expected to sign off on the extension next week.
International sanctions were first imposed against Russia in July of last year in response to Russia's annexation of the Ukraine region of Crimea and its support for pro-Russian separatists. Following international trade sanctions, which resulted in restricted Russian access to foreign capital from the West, Russia initiated an embargo on European and U.S. foods.
Moscow's food embargo banned dairy products, vegetables and meats from the EU, U.S. and other countries.
Putin said the sanctions had "boosted" Russia's work in "import replacement", particularly in food products such as butter, cheese, fish and meat.
"We respond to external restrictions by expanding our freedom and raising the openness of Russia," Putin said.
While trade agreements with Asia Pacific, the Far East, Latin America and BRICs countries were becoming increasingly important, Putin also emphasized that Russia would not lessen its efforts in working with its "traditional Western partners"
"Russia is open to the world, we are open," he added.
CNBC's Holly Ellyatt contributed to this report.