Russia's Ambassador to Caracas told Sputnik on Sunday that Venezuela has successfully reduced the effects of US sanctions on its economy in the past five years. 

The diplomat attributed these efforts to join collaboration among Venezuela's allies, including Russia. 

"Thanks to the government's timely action and, of course, to the expert assistance provided by its friends, specifically Russia, Venezuela has gradually minimized the negative effect of unilateral restrictions and achieved sustainable growth," Sergei Melik-Bagdasarov said in an interview.

He added that the South American economy as a whole is experiencing a gradual recovery from post-pandemic restrictions. Construction projects have resumed, the fuel crisis has been addressed, and cultural activities are flourishing again.

"Five years ago, this place had routine supply and food problems, to say nothing of growing prices ... and inflation, while now the exchange rate of the national currency is relatively stable and stores are full of all kinds of goods, including imports," he added.

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Positive signs for Venezuela's economy

During an annual address to the Venezuelan people on January 15, President Nicolas Maduro revealed positive economic indicators for Venezuela, stating that the country experienced over 5% economic growth in 2023.

The Bolivarian leader said he expects an 8% growth in 2024 despite ongoing economic challenges, including triple-digit inflation and significant emigration that were the outcome of years of US-imposed sanctions.

Maduro acknowledged that Venezuela's inflation rate, while high, is no longer the highest in Latin America, surpassed by the 200% in Argentina.

The central bank reported a slight improvement with inflation just under 190% in the previous year, compared to 234% the year before.

Read more: Maduro: CIA, opposition, imperialism seek to manipulate 2024 elections

On January 30, the US reimposed sanctions on Venezuela and its mining sector after the country's Supreme Court maintained the disqualification of an opposition leader in the Venezuelan elections. 

Earlier that month, Venezuelan Prosecutor General Tarek William Saab announced that the country's security forces successfully foiled preparations for five terrorist attacks and conspiracies, resulting in the detention of 27 individuals. 

One of the terrorist operations involved assassinating Maduro himself. He accused both the CIA and the Colombian army of being involved in the plot and said that agreements with the opposition over the country's 2024 presidential election were "mortally wounded" as a result of the plots.