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Russia adjusted to shocks, will weather financial crisis: Deputy Finance Minister

Russia would weather any potential financial crisis better than some other countries, the country's deputy finance minister indicated on Tuesday.

"The problems are already behind us. We've experienced huge shocks but if we imagine another crisis like a global financial crisis, Russia will in that case suffer less because we already made huge adjustment to a much harsher reality in the past couple of years," Maxim Oreshkin told CNBC on the sidelines of the World Economic Forum in Tianjin.

Oreshkin's comments came close on the heels of a referendum in the U.K. last week in which voters opted to leave the EU. The outcome rocked global financial markets, sparking concerns that the turmoil would spill over to emerging markets.

The U.S. and the European Union (EU) introduced sanctions against Russian companies and individuals with links to Moscow after Russia's annexation of Crimea in 2014, the same year energy prices started their extended decline.

Tourists explore Red Square in front of St. Basil's Cathedral in Moscow.
Getty Images
Tourists explore Red Square in front of St. Basil's Cathedral in Moscow.

Oreshkin said the country had managed to adjust to these previous shocks and was doing "pretty well" financially with budget deficit at 3 percent of gross domestic product (GDP) in 2016 and government debt just below 15 percent of GDP.

"For Russia, sanctions were playing a crucial role in 2014, early 2015 but now it's not that important. We get used to this new situation," he said.

His comments came after Russia and China signed off on a raft of energy deals during President Vladimir Putin's visit to Beijing on Saturday.

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