President Vladimir Putin said on Thursday that Russia’s economy had overcome the worst of the sanctions and expected moderate growth this year, despite what he called efforts to undermine certain industries, Reuters reported.

“It was a surprise to many of those who tried and are trying to create problems for us how effectively we counter threats in the economy and in certain sectors of production,” Putin said in a televised address to officials.

“International institutions should recognize that Russia has not only withstood the expected shocks, but also that the Russian economy is expected to grow slightly this year,” the Russian leader added.

In his statement, Putin did not provide a specific forecast for Russia’s gross domestic product (GDP).

Russia’s economic landscape has changed dramatically since it invaded Ukraine last February, when Western sanctions cut off its biggest banks from the SWIFT financial network, limited its access to technology and curtailed its ability to export oil.

While the government and central bank have acknowledged “difficulties”, Moscow says its economy is resilient and that the sanctions have hit the West by raising inflation and energy prices.

Initial expectations of a double-digit decline in the economy in 2022 turned out to be exaggerated, but analysts still forecast Russia’s GDP to fall by 2% in 2023, after an estimated 2.5% decline in 2022.

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