Russia could lose up to $50 billion, or 4 percent of GDP, due to sanctions and a drop in oil prices, says a report by Russia’s Finance Ministry.

      According to Maxim Oreshkin, head of the long-term strategic planning department, the geopolitical events would cost Russia 2 percent.

      Oreshkin said the economy’s response to external shocks was surprisingly soft.

      Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.