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Western sanctions against Russia have yielded results that are the opposite of their stated goal, metals tycoon Alisher Usmanov has said.

In an interview with the Italian newspaper Corriere Della Sera on Thursday, the Russian billionaire argued that the sanctions regime has so far done more harm to the European Union countries than to Russia.

“They wanted to harm the Russian economy, and here it is growing. They wanted to punish the business elite, and the Russians brought the money back home. The Russian economy is adapting to the sanctions, while neighboring markets are suffering. Europe rejects Russian energy resources and is forced to buy them at a much higher price,” he told the publication.

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Russia’s economy expanded 3.6% in 2023 despite the economic sanctions imposed by the EU, the US and their allies since the start of the special operation in Ukraine in 2022. The EU’s economic powerhouse Germany went through a recession last year, while the bloc’s other large economies, France and Italy, posted growth of under 1%.

Following the sanctions and the sabotage of the Nord Stream pipeline in September 2022 that led to a dramatic drop in Russia’s gas supplies to the EU, the bloc started buying liquefied natural gas (LNG) from the US. According to estimates published by Russia's Energy Ministry, American LNG is 30-40% more expensive than Russian pipeline gas.

Russia’s economy expanded 3.6% in 2023 despite the economic sanctions imposed by the EU, the US and their allies since the start of the special operation in Ukraine in 2022.