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Economic Development Minister Disagrees Russia Losing $40Bln Over Sanctions

Sputnik News

14:01 24.11.2014(updated 14:52 24.11.2014)

The Russian Economic Development Minister does not support the statement of the Finance Minister according to which sanctions make Russia lose $40 billion a year.

MOSCOW, November 24 (Sputnik) – The Russian Economic Development Ministry does not agree with the country's Finance Ministry's assessment that Russia is losing $40 billion annually because of sanctions imposed by the West, Economic Development Minister Alexei Ulyukayev said Monday.

"No, I disagree," Ulyukayev said told journalists in Moscow in regard to an assessment voiced by Russian Finance Minister Anton Siluanov earlier in the day.

Siluanov said the economy is losing $40 billion in a year because of western sanctions and another $90-$100 billion because of a 30-percent drop in oil prices.

"We are losing around $40 billion in a year because of sanctions and another $90 to $100 billion because of a 30-percent drop in oil prices," Siluanov said during a forum in Moscow.

Over the past few months, the European Union, the United States and their allies have implemented several rounds of sanctions against Russia over its alleged involvement in the Ukrainian crisis – a claim Moscow has repeatedly denied. The sanctions particularly target Russia's defense, energy and banking sectors.

Russia's economy has recently been showing signs of a minor slowdown due to current geopolitical tensions. Oil prices have dropped over 25 percent since June, significantly reducing the revenues that Russia usually receives from its energy exports. Following such a massive drop, the Russian ruble has fallen by almost 30 percent against the US dollar this year.


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