“The shortness of financing for new investments is where the Russian economy is being hit in the most important way,” Dvorkovich told CNBC on the sidelines of World Economic Forum on East Asia in Jakarta.
“How do we deal with this? We are working with new partners. This is why we are in China, in other countries, looking for new partners who can bring new investments into the country,” he added.
Earlier this month, the International Monetary Fund (IMF) slashed its growth outlook for the country, forecasting a contraction of 3.8 percent in 2015 and 1.1 percent in 2016. Its earlier estimate was for a contraction of 3 percent this year and 1 percent next.
Nevertheless, Dvorkovich says the country has built up enough reserves to weather the rout in the commodities market.
“We were not counting on higher oil prices in our economic policies. We were saving some money for the times like what we face now, so we have reserves that allow us to smooth this stage and to help poor families and increase unemployment benefits,” he said.
As for the precipitous fall in the ruble over the past year, Dvorkovich said the implications are not all negative as it gives Russian manufacturing and agricultural exports a pricing edge in global markets.