Copyright © 2021

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

Ex-Finance Minister: Because of sanctions, Russia will lose $20bn annually

Ex-Finance Minister: Because of sanctions, Russia will lose $20bn annually
Translated by: A. N.

Because of Western sanctions, the Russian economy will lose annually more than $20bn. The former Finance Minister Alexei Kudrin said this in an ICTV broadcast, writes the UNN.

“Losses from the sanctions is approximately 1% of potential GDP of the Russian Federation. If we are to speak about the losses, then 1% of economic growth is 700 bn rubles this year. This is more than US $20bn,” – said Kudrin.

Russian President Vladimir Putin believes that the sanctions “violate the fundamental principles of the WTO, undermine the credibility of the international financial institutions, currency.” At the same time, the Russian president calls to “not get stuck” on the sanctions.

The Economic Minister Alexei Ulyukayev called the high inflation of 8.1% accumulated for the year and the low economic growth of 0.8% – a “negative combination.”

The European Bank for Reconstruction and Development believes that the round of sanctions against Russia announced by the European Union in September  would be particularly painful for Moscow, as it affects the oil sector, constituting the core of the Russian economy.

Bloomberg writes that if pro-Russia fighters will try to create a land corridor to the Crimea by capturing Mariupol or repulse Ukrainian forces from the Donetsk Airport, the EU may impose new sanctions against Russia.

Translated by: A. N.
You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here

    Related Posts