KYIV, Jan 30 – The economic sanctions that were imposed by Western countries and Ukraine against the Russian Federation are already having a powerful effect and are affecting the Russian economy, Deputy Prime Minister and Minister of Economy of Ukraine Yulia Svyrydenko has said.

"According to the results of the year, a budget deficit of 3.35 trillion rubles or about 2.3% of GDP was recorded. Russia was forced to increase the issue of domestic borrowings, moreover, at floating rates, which will increase the cost of servicing the debt," the press service of the Ministry of Economy quoted Svyrydenko.