He said this during his speech at the Moscow Financial Forum.

"The Russian economy is undergoing a large-scale transformation. The unilateral rupture of former economic ties by Western partners has exacerbated many issues, but the most difficult period has passed, "RIA Novosti quoted him as saying.

At the same time, he added that forecasts for a deep fall in the Russian economy due to Western sanctions did not come true.

Earlier, Russian Prime Minister Mikhail Mishustin reported that Russia's GDP grew by 2% in the seven months since the beginning of the year.