A former top Russian finance official says Western sanctions have been at most 40% effective — but says economic growth will be interrupted for years

Oleg Vyugin, a former high-level finance ministry and central bank official, said on Tuesday that Western sanctions against Russia have been effective, but there are obstacles to overcome.

His comments come as Russia's economy appears to be doing well despite trade restrictions. Vyugin was a deputy finance minister and deputy governor at the Bank of Russia. He retired from the exchange.

The economic growth process in Russia has been disrupted by sanctions, according to Vyugin.

If it hadn't been for sanctions, the country's economy would have been on track for a 4% expansion in 2022. He told the news agency that there is now a negative effect.

Russia's economy contracted 4% in the second quarter of its first full quarter after the war began. According to a government official, Russia's economy ministry expects GDP to decline by 2.9% in the year 2022. That is lower than what the World Bank predicts.

The European Union is going to ban most crude-oil imports from Russia by the end of the year in order to reduce dependence on Russian energy.

If Russian exports are disrupted, there will be serious harm to the economy.

There is a shortage of some products that are likely to hit Russia's industry badly. Vyugin told the news agency that this would apply to the tech sector.

Russia will only use second-grade technology and spend huge resources to recreate what there already is in the world, but can't be imported, according to Vyugin. Russia will see a decline in technological development if the situation isn't changed.

Russian state-owned carrier Aeroflot is stripping spare parts from working aircraft because of the sanctions, according to a report.