Western sanctions may last for decades: Russian minister tells newspaper
Reuters
Published Dec 18, 2014 02:04AM ET
Western sanctions may last for decades: Russian minister tells newspaper
MOSCOW (Reuters) - Western sanctions over Russia's role in the Ukraine crisis are likely to last "for a very long time", possibly decades, Economy Minister Alexei Ulyukayev told Vedomosti newspaper.
"When a U.S. law is passed it is very hard to change it afterwards - looks like it will be in place for decades," Ulyukayev said in an interview published on Thursday.
Russia's economy is heading for recession, dragged lower by sanctions imposed by the West over Ukraine and weak oil prices, a cornerstone of state revenues. The rouble has lost more than 45 percent against the dollar since the start of the year.
Ulyukayev said a lack of structural reform of the economy had partly set Russia up for "the perfect storm".
He added that if there were no sanctions, no falling oil prices and if "we had not done some foolish things" which he did not elaborate on, the Russian economy could show annual growth of between 2.5 and 3 percent.
He added that sanctions may become tougher next year with the situation on the oil markets worsening further.
"The situation is so hard to predict that we cannot be prepared for its changes in the future ... How should we behave then? Write one more stress-scenario in addition to (the oil price at) $60 (per barrel)? Let's do it for $40, $20 and $10," he said ironically.
(Reporting by Katya Golubkova, editing by Elizabeth Piper)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.