MOSCOW, Aug. 14 (UPI) -- Russian Deputy Prime Minister Dmitry Rogozin said Thursday the country needs a new strategy of economic development in the face of mounting sanctions.
Western governments have enacted sanctions on Russia's energy and defense sectors in response to crises simmering on the Ukrainian border with Russia. When Russian oil company Rosneft was targeted, Chief Executive Officer Igor Sechin, himself a sanctions target, said the company's strategy was affected.
The Russian Central Bank said it was prepared to prop up financial institutions burdened by economic pressure from Washington.
Rogozin said sanctions were designed to get in the way of Russian development, although a new strategy of economic development should be pursued anyway.
"Reliance on industry [and] on our own resources ... even if there had not been these sanctions, we would have to turn this way," he said.
Exports of crude oil, petroleum products and natural gas account for nearly 70 of all Russian export revenues in 2013.
Analysis for the U.S. Energy Information Administration finds Russia received almost four times as much revenue from crude oil exports as it did from natural gas.