Oleg Vyugin, a former high-level finance ministry and central bank official, said in an interview that Russia could be in for years of decline in technology development.

Russia depends on imports and imports have been hit by sanctions. The country will have to come up with its own products.

Vyugin was a deputy finance minister and deputy governor at the Bank of Russia. He retired from the exchange.

Russia's economic growth has been impacted negatively bysanctions.

Vyugin's comments are in contrast to Putin's. Putin said in September that the country's economy was in good shape. Russia's economy appears to be holding up despite the war. The energy giant's economy has been supported by energy exports due to high prices before the war.

The current account surplus of $70.1 billion for the second half of the year is a new record. Trade is a big component of the current surplus account.

Russia has been trying to counter the sanctions by substituting imports from non-sanctioning countries. Success has been limited according to analysts at Bruegel.

Few high-tech products can function without inputs from the European Union or the United States, according to analysts. The global network can't be replicated by a single economy.

Semiconductor chips, aviation parts, and medical goods are some of the heavily impacted imports.

Russian state-owned carrier Aeroflot is stripping spare parts from working aircraft because of sanctions.

Russia will see a gradual decline in technological development if the situation isn't changed.