Alexei Kudrin: "Trust in the rouble can be achieved only within 7 to 10 years"
Previously resilient consumer sector has weakened sharply and falling domestic demand is compounding Russia's exports crisis.
Baku. 22 November. REPORT.AZ/ Ex-Minister of Finance of the Russian Federation Alexei Kudrin says, formal and informal sanctions have already seriously impacted the Russian economy, and in 2015 the same factors may occur reducing of GDP in the country.
"It would take approximately 20 years to woo foreign investors back to Russia and restore trust in the ruble", Kudrin wrote in a commentary published by the Vedomosti business newspaper.
"There will be stagnation, like now. There could be recession. It is the second year, volume of investments to Russian economy fell down", he stated.
Report informs referring BBC, ex-minister of finance thinks that, it is necessary to avoid excessive conservatism, which limits individual and economic freedom, hinders development.
A.Kudrin says, Western sanctions, which limit access to foreign capital by some of Russia's largest companies, have done as much damage to the ruble as a fall in global oil prices.
"I think that, these sanctions will last for many years against Russia. But due to my forecast, decisive time of this will depend on mutual decisions of both parts in next future", Alexei Kudrin said.