Russia's economy is not in a dire state, despite the double burden of Western sanctions and the sharp fall in oil prices, the Milken Institute Global Conference participants found.

At the beginning of this year, US President Barack Obama said that Western sanctions had dealt a lethal blow to Russia's economy, however, international experts have admitted that Moscow has done better than anyone expected.

© Fotolia / Rrraum Ruble Has Become Too Strong - Russian Finance Minister

However, both Russian and Western experts at the Milken Institute Global Conference, held on April 26-29 in Los Angeles, strongly disagreed with the statement that Russia's economy lies "in tatters."

Participants of the panel discussion on the future of Russia's economy pointed to the fact that although Moscow faced a ruble devaluation at the end of 2014, the Russian currency has already stabilized. Furthermore, the Russian stock market has recovered 20 percent in 2015 and Russian retailers are enjoying higher margins in the absence of their Western competitors, experts noted.

© Sputnik / Evgeniya Novozhenova 'Someone Was Expecting Collapse of Russian Economy' – Putin

Mr. Vardanyan stressed that President Vladimir Putin has been enjoying growing public support in Russia despite the sanctions' pressure.

According to American businessman David Bonderman, the founding partner of TPG Capital, Western sanctions have in fact created new opportunities for investment in Russia. "Returns tend to be higher where either the troops are in the street or prices are low," he noted.

At the same time the American businessman bemoaned the fact that the US sanctions policy has acted as a catalyst for Sino-Russian rapprochement.

© Sputnik / Mikhail Voskresensky Warning of Catastrophe Over Barring Russia From Banking System

According to Eisenhower, Washington should take steps to resolve the conflict, appointing a special envoy to Russia to hold talks regarding the fate of Crimea.

On the whole, the panel participants unanimously condemned the US policy toward Russia as ineffective and nearsighted.