Attendees of this year's St. Petersburg International Economic Forum (SPIEF) are optimistic about Russia's economy as it has shown an unexpected resilience amid sanctions.

According to official data, Russia's economy only shrank by 2.1 percent in 2022, which is less than expected.

The International Monetary Fund has also revised its forecast for the country's economy, predicting a growth of 0.7 percent, better than its previous forecast in January.

The development of the Russian economy under sanctions was one of the major topics at this year's SPIEF, which was held on June 14-17 under the theme of "Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations."

Although some countries were not able to participate in SPIEF due to the pressure from the West, many Asian participants showed up at the event.

"We have many of the participants from Asia here," said Irina Popova, director of the Institute of Oriental Manuscripts under the Russian Academy of Sciences.

This year's forum took place at a time when multiple sanctions are in place, and their effectiveness is being closely observed.

Experts categorize sanctions into three types: government, industry, and individual. These measures may include blocking some Russian banks from accessing the Society for Worldwide Interbank Financial Telecommunication (SWIFT), severing the country's ties with certain businesses and industries, and targeting key players such as oligarchs to achieve their intended impact.

Despite the impact of the sanctions, Russia's economy has proven to be more resilient than anticipated, which has boosted the confidence of attendees.

"I suppose sanctions are not too much for us. Maybe it's also useful for the economy in the future," Popova said.

In addition to the challenges posed by sanctions, other concerns include limited high-tech imports and a declining quality of life for local people as some global brands move out of Russia.

There are also downsides to imposing sanctions for other parts of the world.

Some experts argue that imposing sanctions on Moscow, a major commodity exporter, could lead to a spike in commodity prices in other countries, which could have a negative impact on the global economy.